Japanese trading giant Mitsui & Co. is set to invest approximately 30 billion yen ($193 million) over the next two years to develop a solar farm in Texas, aiming to diversify its renewable energy portfolio in a state predominantly powered by wind. The project, which broke ground on April 30 in Hill County, central Texas, will feature a 150-megawatt installation, with commercial operations expected to commence in 2026.
This strategic move taps into Texas’s unique electricity pricing system, which favors locations near major cities like Dallas and Houston, allowing for potentially higher returns. Texas, where renewable sources account for 30% of total power generation, primarily from wind, presents significant growth opportunities for solar energy—a key motivator behind Mitsui’s investment.
Through its subsidiary, Mitsui & Co. Energy Marketing and Services (USA) or MEMS, Mitsui plans to integrate the solar farm into Texas’s general power grid and supply directly to businesses and factories. MEMS, which already manages significant energy sales in the region, is also set to operate a new 300 megawatt-hour storage battery facility by 2025. This facility will enable Mitsui to store generated power and sell it during peak price periods, optimizing revenue.
Mitsui’s commitment to expanding its renewable footprint in the U.S. aligns with increased national demand for solar power, spurred by incentives under the Inflation Reduction Act. The company’s initiative also mirrors similar moves by other Japanese firms like Itochu and Idemitsu Kosan, further highlighting a growing Japanese corporate focus on U.S. renewable energy projects.
