Enel Green Power is partnering Japan’s Marubeni Corp. to develop renewable energy projects in the Asian region.
Enel’s agreement with Marubeni is to jointly explore greenfield opportunities like geothermal, wind, solar and hydro projects in the Philippines, Thailand, India, Indonesia, Vietnam, Malaysia and Australia as well as other areas that may be identified at a later stage. The two companies plan to focus on projects in the development phase and will not pursue projects that are under construction or operating.
The agreement is expected to be implemented by means of development agreements aimed at setting the structure of the projects. For each agreement, Enel and Marubeni will have to establish a joint venture to build, own and operate identified projects, with Enel holding a controlling stake.
The two companies will also establish a joint working group to regularly exchange information and data on project opportunities.
“The Asia-Pacific Region is a promising geography for Enel Green Power where we do not have an operational presence yet and through this agreement we are venturing into development opportunities across all renewable technologies in this area abundant with resources and growth potential,” said Enel’s CEO Francesco Venturini. “We are looking forward to operating in one of the fastest-growing regions in the world with our strong expertise and experience, also benefitting from the technological edge and business network of such a strong Asian partner.”