TotalEnergies signed a joint venture agreement with ENEOS to develop onsite solar distributed generation in Asia. Two major players in the field have formed a 50/50 Joint Venture to create 2 GW decentralized solar power over the next five year.
The strengths of each company will be leveraged in this partnership. TotalEnergies will draw on its market expertise and global footprint to help make this partnership a competitive one. ENEOS will leverage its expertise in renewables, and its strong brand mainly Japan to lower the cost of decentralized solutions for industrial and commercial customers.
“We are delighted to partner with ENEOS. They are one of Asia’s most established and dynamic renewable energy companies. Vincent Stoquart, Senior Vice-President Renewables at TotalEnergies, stated that this joint venture will offer one of the most cost-effective solutions in Asia for helping our B2B customers reach their sustainability goals and reduce their costs. TotalEnergies is demonstrating its continued commitment to Asia with this partnership. Asia is a key continent in reaching our goal of 100 GW renewable generation capacity by 2030.
We strongly believe that TotalEnergies is the right partner for us as we are both working to develop the renewable energy business in the world’s energy transition. We will use our strong brand and Asian customer network to expand the business of the Joint Venture, in addition to the highly competitive business model TotalEnergies has created. We believe that this partnership will allow us to expand our business efficiently and effectively across Asia, including Japan,” stated Katsuki Arisa (Senior Vice President, President & Chief Executive Officer of Resources & Power Company, ENEOS Corporation).
TotalEnergies, a multi-energy company worldwide, produces and markets energy with a portfolio of 2GW solar distributed generation currently in operation, under construction, or under development.
ENEOS is expanding its distributed generation business, with the largest capacity of renewable power generation in Japan. ENEOS Group Long Term Vision to 2040 identifies Next-generation Energy Supply and Community Services as one of its growth business.
After clearance of competition by the relevant authorities, the transaction should be completed in the second quarter of 2022.
