TotalEnergies and Eneos, two French energy companies, have gained approval to form a joint venture (JV) to develop 2 GW of business-to-business (B2B) solar projects in Asia over the next five years. The TotalEnergies ENEOS Renewables Distributed Generation Asia Joint Venture was first launched in April 2022.
Initially, TotalEnergies ENEOS has decided to execute long-term power purchase agreements (PPAs) for 34 MWp across nine countries. Air Liquide, PTT Global Chemical, and Yanmar Engine are among the B2B customers who will receive clean energy at a ‘substantial’ discount of more than 35 per cent to the current cost of grid power.
In July 2022, TotalEnergies and Veolia agreed to start constructing a large solar project to power a desalination plant. Located in the city of Sur in Oman, the power plant would be located on the site of the Sharqiyah Desalination Plant. This project supplies drinking water to more than 600,000 people in the Sharqiyah region and is quite important for the region. This 17 MWp solar project would be the region’s first of its kind when it is installed.
REGlobal’s Views: Corporate power purchase agreements are gaining traction across Asia as industries move towards renewables to not only get savings on their power bills but also as part of their green strategies and ESG compliance.