Marubeni- Minister Of Energy Meets with Marubeni
Monday 15 November 2021: PORT OF SPAIN, TRINIDAD AND TOBAGO: Minister of Energy and Energy Industries and Minister in the Office of the Prime Minister, the Honourable Stuart Young, met with a high-level Marubeni team on November 9th for an update on the recent investments by Marubeni and its focus on renewable energy worldwide. Marubeni currently owns 39% equity interest in the Power Generation Company of Trinidad and Tobago (PowerGen), supplying 80% of Trinidad and Tobago’s total electricity demand.
The meeting was attended by Mr. Mo Majeed, Chief Operating Officer (COO) of Marubeni Power International, and the Managing Director of their Caribbean Operations, Mr. Damian Obiglio, Senior Vice President Caribbean Operations, Marubeni Power International Inc., Mr. Yu Numasawa, Senior Manager - Marubeni Operations, Ms. Sandra Welch Farrell, Chief Executive Officer SWF&Co. and Ms. Nasha Khan, Strategy Manager SWF&Co.
“Marubeni continues its commitment to its Caribbean operations, and Trinidad and Tobago in particular,” said Majeed. “We continue to focus on assisting the government in realizing its policy goals in the energy generation sector.”
Having started operations in T&T in 2007, Marubeni has always seen itself as a long-term partner to Trinidad and Tobago beyond its shareholding in the Power Generation Company of Trinidad and Tobago. The company has supported T&TEC’s Cove facility with Technical Advisors from its Hong Kong office; hosted T&TEC executives in Jamaica to understand renewable energy impact to grid management; supported technically the Port of Spain plant demolition and heralded the execution of an Integrated Resource Plan for the generation sector for T&T among other activities.
Minister Young said, “Marubeni has been a key partner in keeping the country running over the past 14 years. With the new challenges in the energy sector including the balanced attention to renewable energy, the Government will continue to work with its partners as it develops further creative strategies for growth and expansion within the sector. Marubeni’s expertise and experience will be greatly helpful in this regard.”
The company also holds 40% equity interest in Jamaica Public Service Company in Jamaica. These acquisitions have enabled Marubeni to expand its IPP and transmission and distribution presence in the Caribbean region.
With its 160 years of history, Marubeni has been creating new value to the global society and is committed to social and economic development and safeguarding the global environment, by conducting fair and upright corporate activities.
