The signing ceremony took place at the Philippine Business Forum. Credit: © Marubeni Corporation.

Marubeni subsidiary Marubeni Asian Power Singapore has signed a cooperation agreement with ACEN Australia, part of the ACEN Corporation under the Ayala Group, to jointly develop a 200MW battery storage project in New South Wales, Australia.

The strategic move is aimed at enhancing Marubeni’s presence in the sustainable energy sector and strengthening its ties with ACEN.

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The agreement was formalised at the Philippine Business Forum in Melbourne, with Philippine President Ferdinand Romualdez Marcos in attendance.

The deal will allow Marubeni to explore investment opportunities in the project with its subsidiary, SmartestEnergy Australia, which is involved in the electricity wholesale and retail markets in Australia.

The company is considering the purchase of electricity generated from the battery storage system, which would contribute to a more stable power supply and support the energy transition in Australia.

In October 2023, Marubeni signed a memorandum of understanding (MOU) with the UK Government to invest £10bn ($12.2bn) in the country’s renewable energy projects up to 2033.

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The MOU was signed with the UK’s Department for Business and Trade with the objective of cooperation in offshore wind and green hydrogen projects.

The UK has set a 2050 target for net-zero greenhouse gas emissions and aims to develop offshore wind farms with a total capacity of 50GW by the end of the 2020s.

In the same period, the UK also aims to achieve 5GW of floating offshore wind farms and 10GW of production capacity for low-carbon hydrogen.

In February 2023, Marubeni and Engie reportedly explored options to sell their stake in Singapore-based Senoko Energy.

The two companies – each holding a 30% stake in the company – both value it at $3bn.