The JV team of TotalEnergies and ENEOS at its first board meeting. © TotalEnergies.
French energy giant TotalEnergies and Eneos have received clearance to form a joint venture (JV) for developing 2GW of business-to-business (B2B) solar projects in Asia over the next five years.
The deal to create the TotalEnergies ENEOS Renewables Distributed Generation Asia JV was first announced in April this year.
TotalEnergies Renewables Distributed Generation Asia head Gavin Adda said: “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 2GW within the next five years.
“We increasingly see B2B customers preferring to rely on established companies that they can trust to deliver cost-effective, carbon-reducing power solutions.”
TotalEnergies ENEOS has initially decided to sign long-term power purchase agreements (PPAs) for 34MWp across nine countries.
The list of B2B customers includes Air Liquide, PTT Global Chemical and Yanmar Engine, who will receive clean energy at a ‘substantial’ discount of more than 35% to the current cost of grid power.
Eneos Corporation Company Planning and Management Department, Resources and Power Company general manager Kenichiro Kesamaru said: “We are proud to work with TotalEnergies on this joint venture, which will make it possible to help corporate customers save energy costs 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 the Asian market with the growing number of companies transforming their business to be more environment-friendly.”
Earlier this year, TotalEnergies agreed to purchase a 50% stake in Clearway Energy Group for $1.6bn.