Abu Dhabi Future Energy Company (Masdar) and TotalEnergies have signed a binding agreement to form a $2.2 billion joint venture to combine their onshore renewable energy operations across nine Asian markets.
The 50/50 partnership will cover projects in Azerbaijan, Indonesia, Japan, Kazakhstan, Malaysia, the Philippines, Singapore, South Korea and Uzbekistan, focusing on solar, wind and battery storage.
Once completed, the venture will serve as the companies’ single platform for developing, building, owning and operating onshore renewable assets in these countries.
The combined portfolio includes 3 gigawatts of operational capacity and a further 6 gigawatts in advanced development, with projects expected to be operational by 2030. Both companies will contribute assets of similar value.
Dr Sultan Al Jaber, Minister of Industry and Advanced Technology and chairman of Masdar, said Asia is set to drive global electricity demand growth this decade and described the partnership as a step to expand presence in key markets across the region.
Masdar chief executive Mohamed Jameel Al Ramahi said the venture will strengthen and diversify the company’s portfolio while opening opportunities in high-growth markets.
TotalEnergies chairman and chief executive Patrick Pouyanné said the agreement brings together two major renewable energy players to establish a strong position in Asia and deepen long-standing ties with the UAE.
The joint venture will be headquartered in Abu Dhabi Global Market and is expected to employ around 200 staff from both companies. The transaction remains subject to regulatory approvals.