Rome, April 1st, 2015 - Enel Green Power (EGP) and Japan-based Marubeni Corporation (Marubeni) 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.
Cooperation under the MoU will address geothermal, wind, solar and hydro projects mainly located in the Philippines, Thailand, India, Indonesia, Vietnam, Malaysia and Australia as well as other areas that may be identified at a later stage. Only projects in the development phase will be considered, therefore projects under construction and operating assets will be excluded from the scope of the cooperation.
We are thrilled to partner with a major player such as Marubeni stated Francesco Venturini, CEO and General Manager of EGP. 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. 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.
The MoU is expected to be implemented by means of development agreements aimed at setting the structure of the projects. Under each agreement, EGP and Marubeni will have to establish a joint venture to build, own and operate the relevant projects. The structure of every joint venture will secure a controlling stake on each project to EGP.
Under the MoU, EGP and Marubeni will also establish a joint working group to regularly exchange information and data on project opportunities.
Marubeni is one of Japan's major integrated trading and investment conglomerates, active in the energy, food, chemicals, mining, forestry, ICT and real estate businesses.
Enel Green Power is the Enel Group company fully dedicated to the development and management of renewable energy sources at the international level, with operations in Europe, the Americas and Africa. With an annual generation capacity equal to, approximately, 32 billion kWh from water, sun, wind and the Earths heat - enough to meet the energy needs of more than 10 million households, Enel Green Power is a world leader in the sector thanks to its well-balanced generation mix, providing generation volumes well over the sector average. As of today, the company has an installed capacity of approximately 9,600 MW from a mix of sources including wind, solar, hydroelectric, geothermal and biomass. The company has about 740 plants operating in 15 countries.
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