Marubeni has signed an agreement with HEXA Renewables Japan Holdings Pte. Ltd. (hereinafter, “HEXA”), a renewable energy company under I Squared Capital (hereinafter, “I Squared”), aiming to sell approximately 1,000 non-FIT*¹ solar power plants (100MW) in Japan. Additionally, a purchase and sale agreement has been concluded for approximately 200 non-FIT solar power plants (20MW) (hereinafter, “this project”).

Project Overview
Marubeni aims to procure approximately 1,000 non-FIT solar power plants (100MW) by the end of 2028 and sell them to HEXA. HEXA will be responsible for asset management of the power plants and provide clean electricity and environmental value to customers through corporate PPA*² contracts. Marubeni Power Retail Corporation is expected to have priority in negotiating the PPA contracts.

Background and Significance
The 7th Basic Energy Plan announced by the Ministry of Economy, Trade and Industry of Japan aims to increase the share of renewable energy in the power source composition to 40-50% by 2040, with solar power being positioned as the largest power source even in 2040. HEXA is a company established by I Squared, a U.S. infrastructure fund, to engage in renewable energy projects in the Asia-Pacific region, with extensive operational experience in Japan, Taiwan, Singapore, India, and other countries. Since entering the solar power-related business, Marubeni has expanded its network for material procurement and construction both domestically and internationally, giving it strong procurement capabilities in solar power. Through this project, Marubeni and HEXA aim to achieve rapid solar power implementation in Japan.

Future Prospects
Marubeni has systematized a swift and accurate due diligence scheme for solar power plant procurement projects. By leveraging its network and customer base, Marubeni will further accelerate the introduction of renewable energy and contribute to the realization of a decarbonized society.

*¹ Private, self-sustaining power plants that are not subject to the Feed-in Tariff (FIT) system
*² A contract in which a company directly enters into an agreement with a power generator to purchase electricity over a long period. It is widely used for procuring renewable energy through direct power supply and environmental value trading.

Company Overview

Company Name:	HEXA Renewables Japan Holdings Pte. Ltd.
Head Office:	Singapore
Establishment:	2020
Representative:	Chenhua Shen
Main Business:	Development and operation of solar power, wind power, and other renewable energy projects
Website:	https://www.hexarenewables.com

Related News Release:
July 1, 2024
Procurement and Sale of Non-FIT Solar Power Plants
https://www.marubeni.com/en/news/2024/info/00033.html