Marubeni, through its wholly owned subsidiary AXIA POWER HOLDINGS B.V. (“Axia”), together with FAS ENERGY FOR TRADING COMPANY LLC (“FASE”) as a joint partner, signed corporate power purchase agreements (“Corporate PPAs”) with Cenomi Centers (“Cenomi”) on December 12, 2023.
Cenomi operates numerous shopping malls in the Kingdom of Saudi Arabia and FASE belongs to the Fawaz Alhokair Group, one of the largest conglomerates in Saudi Arabia.
The joint venture to be incorporated by Axia and FASE will supply electricity to Cenomi which is generated by a rooftop solar PV system in the country subject to all regulatory approval and permit applicable in Saudi Arabia.
Through these Corporate PPAs, Marubeni aims to contribute to the reduction in Cenomi’s carbon dioxide emissions and decarbonization by supplying energy generated from installed solar PV systems (52MWp) on the roofs of Cenomi’s shopping malls in Saudi Arabia.
In addition, the country has set a target in its national development plan, Saudi Vison 2030, to increase renewable energy generation to 58.7GW by 2030, and Marubeni is also participating in the Rabigh solar power generation project (300 MW), another project working toward this goal.
Marubeni is developing this business to supply renewable energy to commercial and industrial customers by installing, owning, and operating solar PV systems on the roofs of its customers’ factories and warehouses, without requiring any initial investment from them not only in Saudi Arabia but also in the United Mexican States, the Kingdom of Thailand, the Republic of the Philippines, and the Socialist Republic of Vietnam. Marubeni has already entered into Corporate PPAs with several local and Japanese companies and with the Business, Marubeni will strengthen and expand its efforts in the field of the power service business, as well as contribute to the achievement of net zero emissions of GHG by 2050 and the realization of low-carbon and decarbonization through each project.
