Japanese-firm Marubeni Corp. and an Italian multinational renewable energy corporation, Enel Green Power, just signed a Memorandum of Understanding (MOU) to create a joint venture to develop renewable energy projects in the Philippines.

“Enel Green Power and Japan-based Marubeni Corporation have signed a two-year Memorandum of Understanding (MOU) to cooperate in evaluating potential business opportunities in renewable projects mainly in the Asia-pacific Region,” Enel Green said in a statement.

According to Enel Green, it seeks to develop geothermal, wind, solar and hydro projects in the Philippines, Thailand, India, Indonesia, Vietnam, Malaysia and Australia.   Adding that under construction and operation assets will not be included in their cooperation as this Italian company is only interested in projects in the development phase.

The MOU will produce development agreements, which will set the structure of the projects.

EGP and Marubeni will establish a joint venture to build, own and operate the renewable energy projects. It will hold the dominating stake for each project.   EGP did not indicate how much capacity it plans to build in the Asia-Pacific.

The two foreign firms will create a joint working group that will exchange information and data on project opportunities.

Chief Executive officer and General Manager of EGP, Francesco Venturini, expressed his excitement in having Marubeni as its partner and working in the Asia-Pacific region.

“We are thrilled to partner with a major player such as Marubeni. 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,” Venturini said.

Enel Green Power is known as a developer and operator of renewable energy projects, with operations in Europe, America and Africa, having installed a power of 9,600 MW.

EGP has a total of 32 billion kWh energy output from 740 power plants in 15 countries.

Marubeni is engaged in energy, food, chemicals, mining, forestry, ICT and real estate businesses.

It had also established itself already in the Philippine energy sector, with its subsidiary Team Energy (Philippines) Corp., created through a partnership with Tokyo Electric Power Co.

Find more information at: http://www.manilatimes.net/marubeni-enel-green-power-in-energy-projects-joint-venture/175204/

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