Arabian Centres Co. (Cenomi Centers) Announces the signature of Power Purchase Agreements in its malls with a JV formed by FAS Energy and Marubeni Corporation
| Element List | Explanation |
|---|---|
| Introduction | Cenomi Centers, the leading owner, operator and developer of contemporary lifestyle centers in Saudi Arabia, is delighted to announce a partnership through the execution of Power Purchase Agreements (the “Agreement”) with a consortium formed by FAS Energy and Marubeni Corporation, which will see solar PV panels reducing Cenomi Centers’ Scope 2 emissions across their sites.
The Agreement, which underlines Cenomi Centers’ place at the forefront of sustainable innovation in the Kingdom, was executed with a JV formed by FAS Energy, part of KSA’s Saudi FAS Holding and Marubeni, a Japanese global market leader in utilities. |
| Date of Announcement of the Award | 2023-12-06 Corresponding to 1445-05-22 |
| Contract Subject Matter | Installation of solar panels in 13 Cenomi Centers’ malls rooftops and carports |
| Date of Signing the Contract | 2023-12-06 Corresponding to 1445-05-22 |
| Contract Value | Cenomi will pay for the electricity generated per contract details |
| Contract Details | The parties will initially deploy solar PV panels for a period of twenty years on the roofs and carports of 13 selected Cenomi Centers’ assets and may extend to the installation of related EV charging infrastructure. The initial deployment is expected to accommodate a total capacity of approximately 52MWp and generate 93 GWh per year. |
| Contract Duration | 20 years |
| Financial Impact and the Relevant Period | The Agreement is based on a ‘design, finance, build, own and operate’ model – without upfront capital investments or any operational burdens to Cenomi Centers.
According to the company's initial estimates, the impact resulting from the cost reduction will begin to appear gradually from the first year from the date of operation, and the amount of savings from time to time will be determined against the prevailing electricity price at a given time. |
| Related Parties | FAS Energy |
| Additional Information | The installations will be rolled out in phases, beginning with Cenomi Centers’ sites in Riyadh in early 2024, before moving on to other shopping centers across the Kingdom. All sites are expected to be completed and in operation by 2025. |
| Attached Documents |  |
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