05/08/2022 Press release
TotalEnergies and ENEOS Complete Distributed B2B Solar Joint Venture for Asia and Announce First Projects
Singapore, August 5, 2022 – TotalEnergies and ENEOS have received final merger clearance and have completed the joint venture agreement to develop 2 GW of onsite B2B solar projects across Asia1 over the next five years.
Plans for the joint venture were first announced on April 13, 2022, and the final agreement was completed on June 24, 2022.
Image: TotalEnergies ENEOS JV team during its first board meeting
The new joint venture will be called TotalEnergies ENEOS Renewables Distributed Generation Asia Pte. Ltd. As a first step in the launch, TotalEnergies ENEOS has agreed to sign its first long-term power purchase agreements on 34 MWp across 9 countries. This includes B2B customers such as Air Liquide, PTT Global Chemical and Yanmar Engine.
Under these agreements, customers will receive solar power at a substantial discount of more than 35%2 to the current cost of grid power.
“We are very pleased to announce the first set of projects to be developed through our joint venture with ENEOS. Together with our partner, we will mobilize our know-how and expertise for more projects in the coming months which puts us firmly on track to achieve the goal of 2 GW within the next 5 years,” said Gavin Adda, Head of TotalEnergies Renewables Distributed Generation Asia. “We increasingly see B2B customers preferring to rely on established companies that they can trust to deliver cost-effective, carbon-reducing power solutions.”
“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. 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, ENEOS Corporation.
TotalEnergies is a global multi-energy company that produces and markets energies with a global portfolio of 2 GW of solar distributed generation in operation, under construction or under development.
ENEOS is expanding the distributed generation business with one of the largest renewable power generation capacities in Japan. In ENEOS Group Long-Term Vision to 2040, ENEOS places Next-generation Energy Supply and Community Services including distributed power sources as one of its growth businesses.
1 Japan, India, Thailand, Vietnam, Indonesia, Philippines, Cambodia, Singapore and Malaysia
2 Discount may vary from customer to customer
TotalEnergies and renewables electricity
As part of its ambition to get to net zero by 2050, TotalEnergies is building a portfolio of activities in renewables and electricity. At the end of 2021, TotalEnergies' gross renewable electricity generation capacity is more than 10 GW. TotalEnergies will continue to expand this business to reach 35 GW of gross production capacity from renewable sources and storage by 2025, and then 100 GW by 2030 with the objective of being among the world's top 5 producers of electricity from wind and solar energy.
ENEOS Corporation and renewables electricity
ENEOS operates over 20 solar power plants in Japan and are also participating in renewable energy projects in the United States, Australia, and Vietnam. Furthermore, ENEOS is actively engaged in power generation projects using biomass, hydroelectric power, wind power, etc. This joint venture is ENEOS’ first overseas renewable energy project using distributed power sources.
TotalEnergies is a global multi-energy company that produces and markets energies: oil and biofuels, natural gas and green gases, renewables and electricity. Our more than 100,000 employees are committed to energy that is ever more affordable, clean, reliable and accessible to as many people as possible. Active in more than 130 countries, TotalEnergies puts sustainable development in all its dimensions at the heart of its projects and operations to contribute to the well-being of people.
About ENEOS Corporation
ENEOS Group has developed businesses in the energy and nonferrous metals segments, from upstream to downstream. The Group’s envisioned goals for 2040 are: becoming one of the most prominent and internationally competitive energy and materials company groups in Asia, creating value by transforming our current business structure, and contributing to the development of a low-carbon, recycling-oriented society with the pursuit of carbon-neutral status in its own CO2 emissions. ENEOS Corporation, one of the principal operating companies in the Group, is contributing to achievement of the Group’s envisioned goals through a broad range of energy businesses.
Cautionary Note TotalEnergies
The terms “TotalEnergies”, “TotalEnergies company” or “Company” in this document are used to designate TotalEnergies SE and the consolidated entities that are directly or indirectly controlled by TotalEnergies SE. Likewise, the words “we”, “us” and “our” may also be used to refer to these entities or to their employees. The entities in which TotalEnergies SE directly or indirectly owns a shareholding are separate legal entities. This document may contain forward-looking information and statements that are based on a number of economic data and assumptions made in a given economic, competitive and regulatory environment. They may prove to be inaccurate in the future and are subject to a number of risk factors. Neither TotalEnergies SE nor any of its subsidiaries assumes any obligation to update publicly any forward-looking information or statement, objectives or trends contained in this document whether as a result of new information, future events or otherwise. Information concerning risk factors, that may affect TotalEnergies’ financial results or activities is provided in the most recent Registration Document, the French-language version of which is filed by TotalEnergies SE with the French securities regulator Autorité des Marchés Financiers (AMF), and in the Form 20-F filed with the United States Securities and Exchange Commission (SEC).
Cautionary Note ENEOS Corporation
The terms “ENEOS”, “ENEOS Group” in this document are used to designate ENEOS Corporation and the consolidated entities that are directly or indirectly controlled by ENEOS Corporation. This document contains certain forward-looking statements. Actual results may differ materially from those reflected in any forward-looking statement due to various factors, which include, but are not limited to, the following: (1) macroeconomic conditions and changes in the competitive environment in the energy, resources, and materials industries; (2) the impact of COVID-19 on economic activity; (3) changes in laws and regulations; and (4) risks related to litigation and other legal proceedings.