Hexa Renewables, Marubeni Partner for 100 MW of Solar in Japan

Wedoany.com Report-Mar 10, Singapore-based Hexa Renewables and Japanese conglomerate Marubeni have entered into a strategic partnership to co-develop up to 100 MW of solar across Japan.

Marubeni said it plans to procure about 1,000 non-feed-in tariff (non-FIT) solar plants by the end of 2028 and sell them to Hexa.

Hexa will manage the assets and corporate power purchase agreements (cPPA). Marubeni added that its wholly owned subsidiary, Marubeni Power Retail, is expected to have priority in cPPA negotiations.

Hexa Renewables Group Commercial Chief Officer Vince Choi said the partnership will support Japan’s renewable energy targets.

Japan’s government recently approved its seventh Strategic Energy Plan, aiming to cut greenhouse gas emissions by 73% by 2040 and achieve carbon neutrality by 2050.

Marubeni said Japan’s Ministry of Economy, Trade and Industry plans to increase renewable energy’s share of the power mix to 40%–50% by 2040, with solar set to become the largest power source.