French energy giant TotalEnergies SE (EPA:TTE) and Eneos Holdings Inc (TYO:5020) of Japan have completed the formation of their joint venture (JV) for the development of 2 GW of distributed generation (DG) solar projects in Asia, starting with 34 MWp across nine countries, they said on Thursday.
As agreed in April, the partners will develop onsite solar for commercial and industrial (C&I) customers Japan, India, Thailand, Vietnam, Indonesia, Philippines, Cambodia, Singapore and Malaysia. The target capacity is planned to be delivered over the next five years.
The business-to-business JV, called TotalEnergies Eneos Renewables Distributed Generation Asia Pte Ltd, will kick off operations with contracts for 34 MWp of capacity with customers such as French industrial gases supplier Air Liquide, Thailand’s PTT Global Chemical and Japanese machinery maker Yanmar Engine. The projects will be developed under long-term power purchase agreements (PPAs) at a “substantial discount of more than 35% to the current cost of grid power.”
"We believe this partnership will create greater and more sustainable value for Asian market with the growing number of companies transforming their business to be more environment-friendly," said Kenichiro Kesamaru, General Manager, Company Planning & Management Department, Resources & Power Company at Eneos.
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