Energy groups TotalEnergies SE (EPA:TTE) of France and Eneos Holdings Inc (TYO:5020) of Japan have teamed up to develop onsite solar for commercial and industrial (C&I) customers in Asia with the aim of developing 2 GW over the next five years.
The companies said today they have signed a 50/50 joint venture (JV) agreement, and plan to leverage their respective expertise to lower the costs of decentralised solar and become one of the most competitive providers in the region.
The JV will target customers in Japan, India, Thailand, Vietnam, Indonesia, Philippines, Cambodia, Singapore and Malaysia.
The partners expect to finalise the deal is expected in the second quarter of 2022, after securing competition clearance.
“In addition to the highly competitive business model which TotalEnergies has developed, we will be utilising our strong brand and customer network in Japan and Asia for the business expansion of this joint venture,” said Katsuki Arisa, senior vice president, president and chief executive of Resources and Power Company, ENEOS Corp.
TotalEnergies says it has a 2-GW global portfolio of solar distributed generation in operation, under construction or under development.
Vincent Stoquart, senior vice president renewables for TotalEnergies, said the partnership underscores TotalEnergies’ commitment to Asia, which is a key region for achieving the company's goal of 100 GW of renewable capacity by 2030.
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