Star Exchange Signs Green Lease Agreement with Cathay Life Insurance

HD Renewable Energy's subsidiary, "Star Exchange," signed a 20-year MoU (Memorandum of Understanding) with semiconductor giant ASE Technology Holding in the first quarter of 2024, followed by a green lease agreement with Cathay Life Insurance. Starting this year, Star Exchange will begin supplying green energy to Cathay Life Insurance's office buildings, making it easier for tenants to access green energy. The initial estimate for the contract period is to supply at least 325 million kWh of electricity.

Companies all around the world are increasingly adopting global ESG standards and international carbon reduction regulations. As a result, there is a growing demand for green buildings and green energy procurement in order to achieve Scope 2 carbon neutrality goals. Foreign companies with offices in Taiwan are particularly interested in office buildings that supply green energy. Star Exchange offers an innovative compensatory contract that is highly flexible, catering to the diverse needs of both green lease landlords and tenants. One of the major highlights of this contract is the ability to supply green energy within just 1 to 2 months after signing. The plan is to gradually offer green energy services to Cathay Financial Holdings' 39 different types of office buildings and over a hundred corporate users across Taiwan, starting this year.

According to PwC's "2023 Taiwan CPPA Market Report" released in March, the direct supply of green energy from solar photovoltaic sources increased by 620 million kWh in 2023, representing a growth of over 200% compared to the previous year. Since obtaining its power sales license in 2021 up to the end of March this year, Star Power's total contract volume for green energy supply reached 14.1 billion kWh, with a capacity of over 136 MW from collaborating companies and over 1,200 supply points, making it one of the top five power sellers in Taiwan.