France’s TotalEnergies and Japanese energy group ENEOS have received final merger clearance and completed a joint venture agreement to develop 2 GW of onsite business-to-business (B2B) solar projects across Asia in the following which is five years.
Plans for the joint venture were first announced in April, and the final agreement was finalized 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 of 34 MWp in nine countries – Japan, India, Thailand, Vietnam, Indonesia, Philippines, Cambodia, Singapore and Malaysia. Customers include Air Liquide, PTT Global Chemical and Yanmar Engine.
Under these agreements, customers will receive solar power at a huge discount of more than 35% of the current cost of grid power, the pair claimed.
“We are very pleased to announce the first set of projects to be carried out through our joint partnership with ENEOS. Together with our partner, we will mobilize our knowledge and expertise for several projects in the coming months that place us in the league on track to achieve the goal of 2 GW in the next five years,” said Gavin Adda, Head of TotalEnergies Renewables Distributed Generation Asia. “We are increasingly seeing B2B customers prefer to rely on established company they can trust to deliver cost-effective, carbon-reduced power solutions.”
“We are proud to work with TotalEnergies on this joint venture, which will make it possible to help corporate customers save on energy costs and switch to green power. In line with our long-term vision to contribute in a low carbon society, we can accelerate our renewable energy business while leveraging ENEOS’ strong customer network. We believe this partnership will create greater and more sustainable value for in the Asian market with more and more companies changing their business to be more environmentally 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 sells energies with a global portfolio of 2 GW of solar distributed generation in operation, construction or development.
ENEOS is expanding its distributed generation business with one of the largest renewable power generation capacities in Japan.
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