Marubeni Signs a Corporate Power Purchase Agreement with Ajinomoto Vietnam for a Rooftop Solar PV System

Dec. 06. 2021
Marubeni Corporation

Marubeni Corporation (hereinafter, “Marubeni”) signed a corporate power purchase agreement (hereinafter “Corporate PPA”) with Ajinomoto Vietnam Co., Ltd. (hereinafter, “AVN”) through Marubeni Green Power Vietnam Co., Ltd (hereinafter, “MAGPOV”), a wholly owned subsidiary of Marubeni in which MAGPOV will supply electricity generated by a rooftop solar PV system in Socialist Republic of Vietnam (hereinafter, “Vietnam”) on November 30, 2021.

Through this Corporate PPA, MAGPOV aims to contribute to the reduction in AVN’s carbon dioxide emissions and decarbonization by supplying renewable energy generated from an installed solar PV system on the roof of AVN’s Long Thanh Factory located in Dong Nai province in southern Vietnam. This project was selected by the Japanese Ministry of the Environment for “Financing Programme for JCM (Joint Crediting Mechanism) in FY2021” (*) and will be conducted in cooperation with the Vietnamese and Japanese governments. MAGPOV will continue to promote the decarbonization of the supply chain of companies in Vietnam by introducing rooftop solar PV systems.

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 the customers’ factories and/or warehouses, without requiring any initial investment by the customers (hereinafter, “the Business”) not only in Vietnam but also in the United Mexican States (hereinafter, Mexico) and Kingdom of Thailand (hereinafter, Thailand). Marubeni first started the Business in Mexico establishing Kiwapower, S.A.P.I de C.V. in January 2020, and then in Thailand, establishing Marubeni Green Power Asset (Thailand) Co., Ltd. in Juney 2021. Marubeni has already entered into Corporate PPAs with several local and Japanese companies, and aims to expand the Business further.

Marubeni owns stakes in power projects across 19 countries (including Japan) for a total net capacity of about 12GW. Based on the knowledge and experience gained from these projects, Marubeni will strengthen and expand its efforts in the field of power service business by expanding its decentralized power generation business, and contribute to the achievement of net zero emissions of GHG by 2050 and the realization of low-carbon and decarbonization through each project.

(*) JCM Model Projects:
Ministry of the Environment, Japan, has been implementing the “JCM Model Projects,” which provides financial support covering up to half of the initial investment costs. The purpose of this model project is to financially support the implementation of projects which reduce GHG emissions by utilizing leading decarbonizing technologies in developing countries, and in return, to acquire JCM credits for achieving Japan’s GHG emission reductions and the partner countries emission reduction targets.

<Outline of the Business> outline
<Marubeni’s Rooftop Solar PV Systems> Marubeni’s Rooftop Solar PV Systems
<About companies stated int the article>
Company Name : Marubeni Green Power Vietnam Co, Ltd
Location : Hanoi, Socialist Republic of Vietnam
Share : Marubeni Group 100%
Incorporated : October, 2021
Business : Development and operationof decentralized power generation business in Vietnam
Company Name : Ajinomoto Vietnam Co., Ltd
Location : Dong Nai, Socialist Republic of Vietnam
Share : Ajinomoto Group 100%
Incorporated : February, 1991
Business : Manufacture and sales of food products, amino acids, etc. in Vietnam
Company Name : Kiwapower, S.A.P.I de C.V.
Location : Mexico City, United Mexican States
Share : Marubeni Group 57%
Incorporated : January, 2020
Business : Development and operation of decentralized power generation business in Mexico
Company Name : Marubeni Green Power Asset (Thailand) Co, Ltd
Location : Bangkok, Kingdom of Thailand
Share : Marubeni Group 100%
Incorporated : June, 2021
Business : Development and operation of decentralized power generation business in Thailand