HEXA Renewables and Marubeni signed a partnership agreement to jointly develop up to 100MW of solar power plants in Japan by the end of 2028, the I Squared Capital-backed developer and power producer announced on February 17, 2025.
According to Marubeni’s statement, “Marubeni aims to procure approximately 1,000 non-FIT solar power plants (100MW) … and sell them to HEXA. HEXA will be responsible for asset management of the power plants and … corporate PPA contracts.”
As part of the partnership, Marubeni’s wholly-owned subsidiary Marubeni Power Retail is expected to have priority in negotiating the PPAs.
“Marubeni’s deep industry experience, financial strength, and robust network in the Japanese market will be invaluable in ensuring the successful execution and scaling of these solar PV projects,” said Shingo Kiyokawa, Marubeni’s General Manager of Chemicals Dept.-IV.
The trading house’s experience in the Japanese renewable energy industry includes the development and operation of over 200MW of solar alongside hydro, wind, and biomass projects. Most recently, a consortium led by the company was awarded a 450MW project in Japan’s third offshore wind auction round. Separately, the Japan Energy Hub PPA database shows that Marubeni Power Retail has been involved in multiple PPAs.
HEXA Renewables’ presence in Japan has also been increasing. Its Japan subsidiary has been awarded multiple solar projects in recent feed-in-premium (FIP) auctions, as well as 11 BESS projects in Japan’s first long-term decarbonization auction held last fiscal year. Late last year it disclosed a minority investment in Tokyo-based developer Bison Energy and in January 2025 it announced a 10MWAC PPA with Amazon.
Correction (February 18, 2025): The previous version of this article incorrectly mentioned the up to 100MW would be developed over two years.
Correction (February 19, 2025): Updated based on revised information provided by HEXA Renewables and additional information released by Marubeni. Timeline changed from “over three years” to “by 2028.” Marubeni department corrected from Electronics Section 1. Information about Marubeni’s role expanded.
