Marubeni Signs 52MW Rooftop Solar Project in Saudi Arabia

Marubeni Signs 52MW Rooftop Solar Project in Saudi Arabia

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 ...

The post Marubeni Signs 52MW Rooftop Solar Project in Saudi Arabia appeared first on SaudiGulf Projects.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