Apr. 17, 2026Marubeni Corporation
Marubeni Corporation (hereinafter, “Marubeni”), through its wholly owned subsidiary SmartestEnergy Limited (hereinafter, “SEL”), has acquired 85 percent of the shares of Factor Energia, S.A. (hereinafter, “FE”), which operates a power and gas wholesale and retail business, supplying businesses and residential customers across Iberia and Latin America. The acquisition price for the 85% stake is 204 million euros (approx. 37.5 billion yen).
Iberia’s electricity demand is approx. 267 TWh per year as of 2024, a level comparable to that of the U.K., and is expected to grow at an annual rate of approx. 3.9% through 2030, driven by factors such as electrification policies and the increasing number of data centers. In addition, energy policies are being implemented with the aim of raising the share of electricity generated from renewable energy sources to over 80% of total power generation by 2030, further increasing the importance of both procuring renewable energy sources and providing retail services centered on renewable energy plans. Furthermore, in Latin America, particularly Mexico and Brazil, the power market is large and liberalization is progressing, with the region expected to see significant growth going forward.
FE was founded as Spain’s first independent power retailer following the liberalization of the Spanish power market in 1999. Today, it ranks among the top 10 companies in Spain’s power retail market and has expanded its operations across the broader Iberian region and Latin America. In addition to supplying power and gas to more than 300,000 residential and corporate customers*, FE focuses on renewable aggregation** and on renewable plans centered on the allocation of environmental certificates. Furthermore, the company is working to enhance customer experience and operational efficiency through digitalization, including the rollout of customer fee and usage visualizations via proprietary applications, as well as the use of AI-enabled customer service and operational processes.
Since its establishment in the U.K. in 2000, SEL has developed power retail and trading businesses, holding a market share of approx. 10% in the U.K. commercial and industrial power retail market and an approx. 9% share in renewable energy procurement. In 2020, SEL entered the North American and Australian markets, and in 2025 it established Marubeni Power Trading Corporation in Japan together with Marubeni Power Retail Corporation, a wholly owned subsidiary of Marubeni, to engage in power trading in the Japanese market.
Through this transaction, SEL will combine its expertise in power trading, risk management, and corporate retail supply with FE’s customer base and digital platform in Iberia and Latin America, enhancing product offerings and customer services while further expanding its power and gas retail business.
Under its Mid-Term Management Strategy GC2027, Marubeni is focusing on Strategic Platform Businesses (businesses with “Growth Domains x High Added Value x Scalability”). This transaction represents a strategic step in further refining and expanding the wholesale and retail power business, one of these Strategic Platform Businesses. Building on the expertise and track record that SEL has built, Marubeni aims to enhance corporate value by delivering high value-added services in the high-growth Iberian and Latin American markets, responding to a wide range of customer needs.
*Retail electricity and gas sales volume as of 2024 were approx. 3.2 TWh **A sales agent service that sells electricity to the spot market on behalf of small-scale renewable energy power generation businesses.
