TotalEnergies has formed a joint venture with Japanese company Eneos to develop decentralised solar power generation for their B2B customers in several Asian countries.
The 50:50 JV has the ambition to develop 2GW of decentralised solar capacity in the next five years.
Under the agreement, TotalEnergies will leverage its expertise in this market and its global presence.
Eneos will use its expertise in renewables and its reputation, mainly in Japan, to reduce the costs of decentralised solutions offered to industrial and commercial customers, making this joint venture one of the most competitive players in the region.
TotalEnergies head of renewables Vincent Stoquart said: “We are pleased to partner with Eneos, one of Asia’s most dynamic and recognized players in renewables.
“Through this joint venture we will provide one of Asia’s most successful solutions to help our B2B customers achieve their sustainability goals while reducing costs.
“With this partnership, TotalEnergies is once again demonstrating its commitment to Asia, a key continent to achieving our goal of 100 GW of renewable generation capacity by 2030.”
Eneos senior vice president, president and general manager for resources and electricity Katsuki Arisa added: “We are convinced that TotalEnergies, one of the world leaders in energy, is the ideal partner for us, as we are both supporting the energy transition by developing our activities in the field of renewables.
“In addition to the highly competitive business model developed by TotalEnergies, we will use the strength of our brand and our network of customers in Japan and the rest of Asia to develop this joint venture.
“We are convinced that this partnership will allow us to develop this business effectively across Asia, and especially in Japan.”
The transaction is expected to close in the second quarter of 2022, following approval by the competition authorities.