Cenomi Centers, the leading owner, operator and developer of contemporary lifestyle centers in Saudi Arabia, has signed a Portfolio Development Agreement (PDA) with a consortium formed by FAS Energy, part of FAS Holding, and Marubeni, a Japanese global market leader in utilities.
The Agreement will see solar PV panels reducing Cenomi Centers’ Scope 2 emissions drastically across its sites. The partnership was signed by Ms. Alison Rehill-Erguven, CEO of Cenomi Centers, Mr. Yoshiaki Yokota, CEO, Energy & Infrastructure Solution Group of Marubeni, and Mr. Turki Mansour Al Hokair, CEO of FAS Energy, during COP28.
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, subject to all regulatory approval and permit applicable in Saudi Arabia. The initial deployment is expected to accommodate a total capacity of approximately 52MWp and generate 93 GWh per year.
The plans demonstrate Cenomi Centers’ commitment to support Saudi Arabia in its Vision 2030 ambitions to be Net Zero by 2060. At full deployment, it is expected that 15 percent of Cenomi Centers’ annual electricity consumption will come from 100 percent renewable sources. The installations will result in the reduction of 53,000 tons of CO2 emissions per year, which is equivalent to 870,000 trees grown for 10 years.
This agreement with FAS Energy and Marubeni Corporation supports Cenomi Centers in delivering on its ambitions to create and maintain a sustainable business model that offers a positive, lasting impact on the communities in which it operates.
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. The agreement is based on a ‘design, finance, build, own and operate’ model, without upfront capital investments or any operational burdens to Cenomi Centers.
Alison Rehill-Erguven CEO – Cenomi Centers
“As developers, owners and operators of commercial real estate, we recognize that we have a responsibility to ensure we are consistently working to enhance our environmental footprint. This exciting partnership is another step in our journey to build a new way of doing things and future-proofing our assets as part of our commitment to a conscious and responsible way of doing business. We want to go beyond what is expected of us and be a pioneering force for future prosperity.”
Mr. Yokota said that “I would like to express my sincere appreciation to Cenomi for its strong leadership and coordination towards sustainable innovation. As one of the global leading energy solution providers, we will materialize this project steadily and expand the cooperation with Cenomi to a wider field for its advancement of environmentally friendly business operation. Through this decentralized power generation business, Marubeni will contribute to the achievement of Saudi Arabia’s GHG net zero emissions target by 2060 and the realization of a sustainable society in Saudi Arabia.”
Mr. Al Hokair commented that “The development of this project is a milestone in the history of FAS Energy which will be the starting point for an expansion into all of the Kingdom of Saudi Arabia. Our focus is now the speedy implementation of quality power generation installations on all sites, enabling Cenomi Center to deliver on their commitments to reduce its environmental footprints.”
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