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- Mitsui & Co., Ltd.
Corporate Communications Division
Telephone: +81-80-5912-0321
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Mitsui & Co., Ltd. ("Mitsui", Head Office: Tokyo, President and CEO: Kenichi Hori) has concluded a long-term solar power sales and purchase agreement with Sophia School Corporation ("Sophia") and Leben Clean Energy Co., Ltd. ("LCE").
Under this physical power purchase agreement or PPA (Note 1), Mitsui will supply Sophia University with renewable energy with additionality (Note 2) purchased from a new solar power plant (total generation capacity: approximately 2 MW) to be established within an area covered by Tokyo Electric Power, as well as electric power endorsed with a non-fossil certificate with tracking information (Note 3). This will bring the net renewable energy ratio for electric power used in the Sophia University campus to 100%, including additionality. In addition to trading the electric power, Mitsui will also provide generation output forecasting and supply-demand adjustment services.
Amid the heightening global focus on climate change actions and decarbonization, the increase of the percentage of renewable energy in the energy mix has become an important priority for Japan. Through its wholly owned subsidiary, Mitsui & Co. Plant Systems, Ltd., Mitsui has been exploring the possibility of collaboration on an offsite corporate PPA business with LCE (Note 4), which will build the said solar power facility for this project. Mitsui will continue to use its accumulated knowledge in such areas as power source development and electric power sales to contribute to greater use of renewable energy and the realization of a carbon neutral society in Japan.
Deal Outline
Note 1: Under the physical power purchase agreement (PPA), electric power produced using renewable energy is sourced offsite from locations other than the demand area. The renewably generated power, together with the resulting environmental value, is supplied to users through the general electric power grid.
Note 2: "Additionality" refers to the effect of encouraging further investment in new renewable energy facilities, created by third parties' commitment to purchasing renewable electric power, certificates, and credits.
Note 3: A non-fossil certificate that identifies the source of the electric power
Note 4: MOU concerning the commencement of a joint project study by Mitsui & Co. Plant Systems, MIRARTH Holdings, and LCE
https://plantsystems.mitsui.co.jp/ja/news/detail/20230120/
Company Profile
| Name | Sophia School Corporation |
|---|---|
| Location | 7-1 Kioi-cho, Chiyoda-ku, Tokyo (Yotsuya campus) |
| Established | 1913 |
| Chairman | Sali Augustine |
| Employees | Approximately 1,000, including around 250 full-time staff members and 570 full-time faculty members (as of July 2023) |
| Activities | Education and research |
| Website URL |
| Name | Leben Clean Energy Co., Ltd. |
|---|---|
| Location | Shinjuku-ku, Tokyo |
| Established | 2016 |
| Representative | Kentaro Taniguchi |
| Activities | Provision of services and consultation concerning power sales facilities based on renewable energy projects, secondary utilization facilities, the planning, design, installation, management, etc., of related facilities Survey, measurement, and consultation services in preparation for the use of renewable energy Services relating to electric power projects using renewable energy, the management and operation of such projects, and services related to the supply, sale, etc., of electric power Exporting, importing, and sales of power generation equipment, secondary utilization equipment, and related products |
| Website URL | |
| Other information | LCE handles the energy business of MIRARTH Holdings (formerly the Takara Leben Group) |
Mitsui’s Materiality
“Build brighter futures, everywhere” as our corporate mission, and to gain the trust and expectations of our stakeholders to realize a better tomorrow for earth and for people around the world, we have identified five material issues (“Materiality”) for Mitsui’s sustainable growth. We anticipate this particular project/ business to contribute especially to the realization of “Enhance quality of life” and “Create an eco-friendly society”
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Secure sustainable supply of essential products
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Enhance quality of life
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Create an eco-friendly society
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Develop talent leading to value creation
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Build an organization with integrity