French energy major TotalEnergies and Japanese oil company Eneos have formed a joint venture (JV) to develop 2GW of decentralised solar capacity across Asia over the next five years.
The partnership between the two major companies will focus on developing B2B solar distributed energy resources, with TotalEnergies bringing its expertise in this market while leveraging Eneos’ knowledge in renewables and its customer network both in Japan and across Asia.
For TotalEnergies, the JV forms part of its effort to develop its distributed generation business, as was shown last February with the acquisition of US solar installer SunPower’s Commercial and Industrial Solutions (CIS) division that will help extend its distributed generation footprint in the US.
“We are pleased to partner with ENEOS, one of Asia’s most dynamic and established renewable energy players. Through this joint venture we will provide one of the most efficient solutions in Asia to help our B2B customers achieve their sustainability goals while reducing their costs,” said Vincent Stoquart, Senior Vice President Renewables for TotalEnergies.
Japan, India, Thailand and Vietnam are among the nine countries the companies expect to target as part of its 2GW aim.
Katsuki Arisa, senior VP, president & CEO of resources & power company at Eneos Corporation, said: “In addition to the highly competitive business model which TotalEnergies has developed, we will be utilizing our strong brand and customer network in Japan and Asia for the business expansion of this Joint Venture.”
This week Fitch Solutions published a report showcasing a strong growth in Asia’s non-hydropower renewable sector, a region that is set to install more than 210GW of solar PV per year this decade, according to the International Renewable Energy Agency (IRENA) latest World Energy Transition Outlook.