Enel Green Power (EGP) and Japan-based Marubeni Corporation are to evaluate potential opportunities for renewable energy projects, including hydropower, in the Asia-Pacific region.

The firms signed a two-year Memorandum of Understanding to cooperate in 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 Marubenim," said 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.