TotalEnergies and Masdar have formalised a binding agreement to establish a $2.2bn joint venture dedicated to onshore renewable energy across nine Asian markets. The 50/50 partnership will merge the companies’ regional activities, focusing on the development and operation of solar, wind, and battery storage projects in Azerbaijan, Indonesia, Japan, Kazakhstan, Malaysia, the Philippines, Singapore, South Korea, and Uzbekistan.
Based in the Abu Dhabi Global Market, the entity will oversee 3 GW of current operational capacity and an additional 6 GW of projects in advanced development, which are targeted for completion by 2030. Approximately 200 staff members from both organisations will staff the venture, with the transaction currently awaiting regulatory clearance.
“The UAE has established itself as a global energy leader… Asia will be the main driver of global electricity demand growth this decade, and this collaboration with TotalEnergies will accelerate our progress,” stated His Excellency Dr Sultan Al Jaber, Chairman of Masdar.
“It will allow us to combine the strengths of our two companies to secure significant positions in these markets and create more value than if we were acting alone,” noted Patrick Pouyanné, Chairman and CEO of TotalEnergies.
“For Masdar, this JV strengthens and diversifies our portfolio, unlocking new opportunities in attractive, high-growth markets,” added Mohamed Jameel Al Ramahi, CEO of Masdar.
