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Toshiba Mitsubishi Venture Says Solar Inverter Orders Jumped

May 10 (Bloomberg) -- Toshiba Mitsubishi-Electric Industrial Systems Corp. said orders for solar inverters jumped nearly 18-fold last fiscal year as an incentive program boosted panel installations.

Orders for inverters that allow solar power to be fed into grids jumped to 1,068 megawatts from 61 megawatts in the 12 months ended March 31, the venture between Toshiba Corp. and Mitsubishi Electric Corp. said in a statement yesterday.

Japan began offering above-market rates for clean energy in July to promote renewable sources such as wind and solar after the 2011 Fukushima nuclear crisis.

Actual shipments soared to 472 megawatts for the year ended March 31 from 42 megawatts, according to the statement.

Annual production is planned to increase to more than 2,000 megawatts by July from 1,500 megawatts currently, it said.

To contact the reporter on this story: Chisaki Watanabe in Tokyo at cwatanabe5@bloomberg.net

To contact the editor responsible for this story: Reed Landberg at landberg@bloomberg.net

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