Cenomi Centers, a trailblazer in Saudi Arabia’s contemporary lifestyle center scene, announces a strategic partnership through the execution of a Portfolio Development Agreement with a consortium led by FAS Energy and Marubeni Corporation. This collaboration marks a significant milestone in Cenomi Centers’ commitment to sustainable practices and innovation in the Kingdom.
The Agreement, officially signed during COP28, underscores Cenomi Centers’ proactive stance on environmental responsibility. Alison Rehill-Erguven, CEO of Cenomi Centers, Turki Mansour Al Hokair, CEO of FAS Energy, and Yoshiaki Yokota, CEO of Marubeni, expressed their commitment to sustainable development through this groundbreaking initiative.
The collaboration focuses on deploying solar PV panels on the roofs and carports of 13 selected Cenomi Centers’ assets for a duration of twenty years. This initial deployment is projected to yield a total capacity of approximately 52MWp, generating 93 GWh per year. The plans also include the potential installation of EV charging infrastructure, subject to regulatory approval and permits in Saudi Arabia.
Aligned with Vision 2030’s ambition for Saudi Arabia to be Net Zero by 2060, Cenomi Centers aims to contribute significantly. At full deployment, it is estimated that 15% of Cenomi Centers’ annual electricity consumption will come from 100% renewable sources. This commitment is expected to result in the reduction of 53,000 tons of CO2 emissions annually, equivalent to planting 870,000 trees over ten years.
The phased rollout of installations is set to commence in early 2024, starting with Cenomi Centers’ sites in Riyadh and extending to other shopping centers across the Kingdom. The ‘design, finance, build, own, and operate’ model ensures a seamless transition without upfront capital investments or operational burdens to Cenomi Centers.
Alison Rehill-Erguven, CEO of Cenomi Centers, emphasized the company’s responsibility to enhance its environmental footprint. The partnership with FAS Energy and Marubeni Corporation represents a significant step in Cenomi Centers’ journey toward a sustainable business model, aligning with conscious and responsible business practices.
Yoshiaki Yokota, CEO of Marubeni, expressed appreciation for Cenomi’s leadership and coordination toward sustainable innovation. Marubeni, a global energy solution provider, aims to contribute to Saudi Arabia’s GHG net zero emissions target by 2060 through decentralized power generation.
Turki Mansour Al Hokair, CEO of FAS Energy, sees the project as a milestone in the history of FAS Energy, propelling its expansion throughout the Kingdom of Saudi Arabia. FAS Energy’s focus is on the swift implementation of quality power generation installations to help Cenomi Centers fulfil its commitment to reducing environmental footprints.
As Cenomi Centers embarks on this transformative solar journey, it not only aligns with national sustainability goals but also establishes itself as a leader in shaping environmentally conscious business practices. This partnership marks a pivotal moment for Cenomi Centers in creating a positive and lasting impact on the communities it serves.
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