Service increases amount of privately generated power and contributes to expansion of renewable energy sources
Seiko Epson Corporation (TSE: 6724, "Epson") has begun using an onsite solar power generation service (PPA model1) provided by SMFL MIRAI Partners Co., Ltd. ("SMFL MIRAI Partners"), a strategic subsidiary of Sumitomo Mitsui Finance and Leasing Co., Ltd. ("SMFL").
Under this arrangement, SMFL MIRAI Partners owns the solar power generation equipment installed on the roof of Epson's Fujimi Plant and will service and maintain the equipment. The panels used in the system have a capacity of 549 kW and can supply approximately 667 MWh of electricity a year (an amount equivalent to that used by about 150 ordinary households). All the electricity generated will be supplied to the Fujimi Plant, reducing its annual CO2 emissions by about 253 tonnes. Fuji Furukawa Engineering & Construction Co., Ltd., which was in charge of EPC2, built the solar power generation system.
This is the first solar power generation system using the PPA model introduced at an Epson site in Japan. It marks the start of domestic efforts to increase the amount of power Epson generates privately and will contribute to the expansion of renewable energy power sources, for which there is growing public demand.
SMFL MIRAI Partners is using this as a steppingstone to propose the introduction of additional systems using the PPA model at Epson plants, offices, and Group companies, and it will support the Epson Group's efforts to expand the amount of power generated onsite.
Epson is pursuing efforts to achieve its Environmental Vision 2050, which outlines the company's long-term policies for environmental management. Epson has also made the utilization of renewable energy a crucial part of its SBT3 achievement scenario for attaining the decarbonization goal of the Paris Agreement. In addition to achieving our own environmental goals, we will help to build broader public recognition of the need for society as a whole to decarbonize and to foster a social environment that facilitates the adoption of renewable energy.
SMFL MIRAI Partners is developing energy services such as onsite power generation and a clean electricity retail agency business. SMFL provides a variety of financial services, including leasing, for capital investment in renewable energy and energy-saving equipment. The SMFL Group will continue to contribute to the realization of a carbon-free society by providing solutions that support corporate decarbonization management.
1 PPA (Power Purchase Agreement) model: A service in which a power company installs a solar power generation facility on the customer's premises and supplies the generated power to the customer.
2 EPC: Engineering, procurement and construction
3 SBT Initiative-validated target of reducing scope 1 and 2 GHG emissions by 34% versus FY2017 levels by FY2025. (Actual reduction in FY2020 was 21%)
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