Global multi-energy company TotalEnergies and Tokyo-headquartered ENEOS announced the completion of the joint venture agreement to develop 2 GW of onsite B2B solar power projects across Asia over the next five years.
The new joint venture will be called TotalEnergies ENEOS Renewables Distributed Generation Asia Pte. Ltd. As the first phase, TotalEnergies ENEOS has agreed to sign its first long-term solar power purchase agreements (PPAs) on 34 MWp across nine Asian countries, including Japan, Singapore, Malaysia, India, Thailand, Vietnam, Indonesia, Philippines and Cambodia. Customers include Air Liquide, PTT Global Chemical and Yanmar Engine.
Under these agreements, customers can receive solar power at a substantial discount to the current cost of grid power. Some customers can enjoy a discount of more than 35%.
Comment on these starting projects, Gavin Adda, Head of TotalEnergies Renewables Distributed Generation Asia, said:
"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," said Kenichiro Kesamaru, General Manager, Company Planning & Management Department, Resources & Power Company, ENEOS Corporation.
Active in more than 130 countries, TotalEnergies puts sustainable development in all its dimensions with an ambition to achieve net zero by 2050. At the end of 2021, TotalEnergies' gross renewable electricity generation capacity was more than 10 GW.
ENEOS operates over 20 solar power plants in Japan and is also participating in renewable energy projects in the United States, Australia, and Vietnam. This joint venture is ENEOS' first overseas renewable energy project using distributed power sources.