Japan’s Marubeni Acquires Taiwan’s Chenya Energy to Leverage Floating Solar Business

In an important development, Japan’s Marubeni Corporation has executed a share purchase agreement with I Squared Capital to acquire Chenya Energy Company Limited, which is one of the leading solar power developers in Taiwan.

I Squared Capital, through its ISQ Global Infrastructure Fund I, agreed to sell its interests in Chenya Energy to Marubeni Corporation. Chenya Energy is a solar project development, construction, and operating platform in Taiwan and a wholly-owned subsidiary of Asia Cube Energy, a pan-Asian renewable portfolio company founded by I Squared Capital in 2017.

“In three years under I Squared Capital’s stewardship, Chenya Energy grew from 2.3 to 344.4 megawatts of solar capacity across multiple technologies, including floating, ground-mounted and rooftop solutions. The company is currently building the world’s largest floating solar project and has grown rapidly to become the largest solar platform in Taiwan,” said Gautam Bhandari, Managing Partner at I Squared Capital.

After the transaction is complete, Chenya will become a wholly-owned subsidiary of Marubeni. Chenya is one of the leading players in the solar space in Taiwan, with a net portfolio of investments totaling 270 MW of solar assets.


Chenya has one of the largest floating solar power projects, and by acquiring Chenya, Marubeni will gain valuable insights and expertise in floating solar power business. The main focus of Marubeni through this acquisition is to expand its floating solar business in Taiwan as well as other regions.

In April 2019, Malaysia’s state-owned oil and gas company, PETRONAS, acquired Singapore-based Amplus Energy Solutions Pte Ltd (M+), a company backed by I Squared Capital.

Currently, Marubeni’s portfolio exceeds 12.5 GW in net generation capacity across 19 countries, and in Taiwan, Marubeni had also made investments in Ever Power gas-fired combined power project (960 MW) and Hsin Tao gas-fired combined cycle power project of 600 MW capacity.

With this latest acquisition, Marubeni will become one of the largest independent solar power producers in the country.

Recently, a special purpose company formed by Marubeni Corporation, France-based Total Solar International, and Siraj Energy of Qatar signed a power purchase agreement with Qatar General Electricity and Water Corporation to develop 800 MW of solar projects. The collaboration has an equity holding of 20.4% by Marubeni Corporation, 19.6% by Total, and 60% by Siraj Energy. Siraj Energy is a joint venture between Qatar Petroleum (40%) and QEWC (Qatar Electricity & Water Company, 60%).

In July 2019, Noor Abu Dhabi, the world’s largest single-site solar power project located at Sweihan, which has an installed capacity of 1,177 MW, was successfully commissioned. The project is a Joint Venture between the government of Abu Dhabi and a consortium comprising Japan’s Marubeni Corporation and China’s Jinko Solar Holding, according to a statement from the consortium partner Marubeni.