Marubeni targets floating solar expertise through Chenya Energy deal

Facebook
Twitter
LinkedIn
Reddit
Email
Image: Chenya Energy.

Japanese trading giant Marubeni has picked up Taiwanese solar portfolio developer and operator Chenya Energy, intending to ramp up its floating solar exposure as a result.

Marubeni is to acquire all interests in Chenya currently owned by I Squared Capital, a global infrastructure investment manager, with Chenya becoming a wholly owned subsidiary of Marubeni’s upon completion.

This article requires Premium SubscriptionBasic (FREE) Subscription

Unlock unlimited access for 12 whole months of distinctive global analysis

Photovoltaics International is now included.

Not ready to commit yet?
  • Regular insight and analysis of the industry’s biggest developments
  • In-depth interviews with the industry’s leading figures
  • Unlimited digital access to the PV Tech Power journal catalogue
  • Unlimited digital access to the Photovoltaics International journal catalogue
  • Access to more than 1,000 technical papers
  • Discounts on Solar Media’s portfolio of events, in-person and virtual

Or continue reading this article for free

In a statement, Marubeni said that in acquiring Chenya Energy it was to gain expertise in the floating solar market, an area it would expand on in Taiwan and other regions.

I Squared launched Chenya via its pan-Asian renewables development vehicle Asia Cube Energy in 2017. Since then the firm has seen its solar portfolio swell to 344MW, split between floating, rooftop and ground-mounted projects.

Marubeni’s solar investments have been diverse, picking up large-scale projects in markets such as Oman, Abu Dhabi and Qatar, on top of more distributed generation assets through its investments in GridMarket and Azuri Technologies.

In acquiring Chenya, Marubeni will add ~350MW of PV to a 600MW gas-fired generation plant it already owns in the country, making it one of Taiwan’s largest independent power producers.

Gautam Bhandari, managing partner at I Squared Capital, said the deal was the company’s third platform realisation in emerging markets, arguing the deal added to its “consistent track record” in creating value for investors via infrastructure developments.

21 October 2025
New York, USA
Returning for its 12th edition, Solar and Storage Finance USA Summit remains the annual event where decision-makers at the forefront of solar and storage projects across the United States and capital converge. Featuring the most active solar and storage transactors, join us for a packed two-days of deal-making, learning and networking.

Read Next

August 20, 2025
New South Wales, Australia's most coal-dependent state, will transition from 40% to 90% renewable energy by 2035, according to grid operator Transgrid's latest planning report.
August 19, 2025
Specialist floating solar (FPV) developer Third Pillar Solar will examine the potential to develop 500MW of assets on Texas reservoirs.
August 14, 2025
OX2 has received government approval to build a 135MW solar-plus-storage site at a decommissioned coal mine site in NSW, Australia.
August 12, 2025
Australia’s New South Wales has increased its renewable energy targets to 16GW of new clean power generation by 2030 and 42GWh of long-duration energy storage (LDES) by 2034.
August 7, 2025
US-based floating solar (FPV) developer D3Energy is constructing a 6MW floating solar system in Monroeville – a village in Huron County, Ohio. 
August 6, 2025
The first MW-scale floating solar project in the Philippines has come online, according to solar EPC contractor Black & Veatch.

Subscribe to Newsletter

Upcoming Events

Solar Media Events
September 16, 2025
Athens, Greece
Solar Media Events
September 30, 2025
Seattle, USA
Solar Media Events
October 1, 2025
London, UK
Solar Media Events
October 2, 2025
London,UK
Solar Media Events
October 7, 2025
Manila, Philippines