Landmark Project to Install Solar Panels Across CENOMI Centers Portfolio
Cenomi Centers, a prominent owner, operator, and developer of contemporary lifestyle centers in Saudi Arabia, has announced a groundbreaking partnership with a consortium consisting of FAS Energy and Marubeni Corporation. This collaboration, formalized through a Portfolio Development Agreement during COP28, aims to revolutionize the renewable energy landscape in the Kingdom.
The Agreement will facilitate the installation of solar PV panels at various Cenomi Centers sites, including rooftops and carports. With a targeted total capacity of around 52MWp, the deployment of these panels is projected to significantly reduce CO2 emissions by a remarkable 53,000 tons annually. This effort aligns with Cenomi Centers’ dedication to supporting Saudi Arabia’s Vision 2030 goal of achieving Net Zero status by 2060.
Under the leadership of Alison Rehill-Erguven, CEO of Cenomi Centers, along with key executives from Marubeni and FAS Energy, the consortium plans to implement the solar panel initiative over a span of twenty years. The initial phase will focus on 13 selected Cenomi Centers assets, with potential expansion to include electric vehicle (EV) charging infrastructure subject to regulatory approvals.
By diversifying its energy sources and embracing renewable solutions, Cenomi Centers aims to derive 15% of its annual electricity consumption from sustainable sources once the project reaches full capacity. The expected environmental impact of this endeavor is equivalent to planting 870,000 trees and underscores Cenomi Centers’ commitment to sustainable business practices that benefit local communities.
Scheduled for phased rollout starting in Riyadh in early 2024, the solar panel installations are anticipated to be operational across all Cenomi Centers sites in Saudi Arabia by 2025. The Agreement, structured on a ‘design, finance, build, own, and operate’ model, ensures that Cenomi Centers can implement these eco-conscious initiatives without incurring upfront capital expenses.
In a joint statement, the executives leading the consortium expressed their enthusiasm for this transformative partnership. Alison Rehill-Erguven emphasized the responsibility of commercial real estate stakeholders to reduce their environmental impact, while Marubeni’s CEO, Yoshiaki Yokota, highlighted the company’s commitment to advancing sustainable practices in collaboration with Cenomi Centers. Turki Mansour Al Hokair, CEO of FAS Energy, underscored the project’s significance in propelling the expansion of renewable energy solutions throughout Saudi Arabia.
As Cenomi Centers takes proactive steps towards sustainability, this alliance with FAS Energy and Marubeni Corporation exemplifies a strategic move towards creating a greener, more environmentally friendly future for the Kingdom.
