TotalEnergies, ENEOS Teaming Up For Solar Power Generation In Asia
French energy major TotalEnergies has signed a joint venture agreement with ENEOS to develop onsite B2B solar distributed generation across Asia.
The 50/50 Joint Venture between two major players in the field plans to develop 2 GW of decentralized solar capacity over the next five years.
TotalEnergies said that the partnership would capitalize on the strengths of both companies. The French firm will leverage its expertise in this market segment and its global footprint and ENEOS will use its expertise in renewables and its strong brand mainly in Japan to lower the costs of decentralized solutions offered to industrial and commercial customers.
According to the company, this would make the joint venture one of the most competitive service providers in the region.
"We are pleased to partner with ENEOS, one of Asia's most dynamic and established renewable energy players. Through this joint venture we will provide one of the most efficient solutions in Asia to help our B2B customers achieve their sustainability goals while reducing their costs,” said Vincent Stoquart, Senior Vice President of Renewables for TotalEnergies.
“With this partnership, TotalEnergies further demonstrates its commitment to Asia, a key continent for reaching our target of 100 GW of renewable generation capacity by 2030,” he added.
"We strongly believe that TotalEnergies, one of the leading energy companies on a global scale, is the best partner for us since both of us are increasingly developing the renewable energy business in the global energy transition,” stated Katsuki Arisa, Senior Vice President, President, and CEO of Resources and Power Company for the ENEOS Corporation. “In addition to the highly competitive business model which TotalEnergies has developed, we will be utilizing our strong brand and customer network in Japan and Asia for the business expansion of this Joint Venture. We are confident that this partnership enables us to expand this business efficiently and effectively in Asia including Japan.”
TotalEnergies currently has a global portfolio of 2 GW of solar distributed generation in operation, under construction or development. ENEOS on the other hand is expanding the distributed generation business with one of the largest renewable power generation capacities in Japan.
In ENEOS Group Long-Term Vision to 2040, ENEOS places Next-Generation Energy Supply and Community Services including distributed power sources as one of its growth businesses.
Completion of the transaction is expected in the second quarter of 2022 following competition clearance from the relevant authorities.
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