France’s TotalEnergies and Japanese energy group ENEOS have received final merger clearance and have completed a joint venture agreement to develop 2 GW of onsite business-to-business (B2B) solar projects across Asia over the next five years.
Plans for the joint venture were first announced in April, and the final agreement was completed on June 24, 2022, the pair said.
The new joint venture will be called TotalEnergies ENEOS Renewables Distributed Generation Asia Pte. Ltd. As a first step in the launch, TotalEnergies ENEOS has agreed to sign its first long-term power purchase agreements on 34 MWp across nine countries – Japan, India, Thailand, Vietnam, Indonesia, Philippines, Cambodia, Singapore and Malaysia. Customers includes Air Liquide, PTT Global Chemical and Yanmar Engine.
Under these agreements, customers will receive solar power at a substantial discount of more than 35% to the current cost of grid power, claim the pair.
“We are very pleased to announce the first set of projects to be developed through our joint venture with ENEOS. Together with our partner, we will mobilise our know-how and expertise for more projects in the coming months which puts us firmly on track to achieve the goal of 2 GW within the next five years,” said Gavin Adda, Head of TotalEnergies Renewables Distributed Generation Asia. “We increasingly see B2B customers preferring to rely on established companies that they can trust to deliver cost-effective, carbon-reducing power solutions.”
“We are proud to work with TotalEnergies on this joint venture, which will make it possible to help corporate customers save energy cost and switch to green power. In line with our long-term vision to contribute to a low carbon society, we will be able to accelerate our renewable energy business while leveraging the strong customer network of ENEOS. We believe this partnership will create greater and more sustainable value for Asian market with the growing number of companies transforming their business to be more environment-friendly,” said Kenichiro Kesamaru, General Manager, Company Planning & Management Department, Resources & Power Company, ENEOS Corporation.
TotalEnergies is a global multi-energy company that produces and markets energies with a global portfolio of 2 GW of solar distributed generation in operation, under construction or under development.
ENEOS is expanding its distributed generation business with one of the largest renewable power generation capacities in Japan.