TotalEnergies and Abu Dhabi Future Energy Company PJSC – Masdar have signed a binding agreement to form a $2.2bn 50/50 joint venture to merge their onshore renewable activities across nine countries in Asia.
The companies said the JV will combine assets of comparable value, creating a portfolio of 3GW of operational capacity and 6GW in advanced development.
They added the platform will serve as their sole vehicle for developing, building, owning and operating onshore solar, wind and battery storage projects in Azerbaijan, Indonesia, Japan, Kazakhstan, Malaysia, the Philippines, Singapore, South Korea and Uzbekistan.
The assets under development are expected to be operational by 2030.
The JV will be headquartered in Abu Dhabi Global Market and staffed by around 200 employees from both companies.
“The UAE has established itself as a global energy leader by delivering at scale, investing with conviction, and building partnerships that endure. Masdar epitomizes that approach,” said His Excellency Dr Sultan Al Jaber, UAE Minister of Industry and Advanced Technology and chairman of Masdar.
“Asia will be the main driver of global electricity demand growth this decade, and this collaboration with TotalEnergies will accelerate our progress across the continent, unlocking new opportunities to deliver the competitive, reliable energy solutions that our partners and customers need.”
“We are delighted with the signing of this agreement with Masdar, which brings together two major renewable players to build a renewable champion in Asia,” said Patrick Pouyanné, chairman and chief executive of TotalEnergies.
“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.”
“This joint venture reinforces Abu Dhabi’s status as a global center for energy leadership, combining the expertise of Masdar and TotalEnergies to drive renewable energy deployment across Asia,” said Mohamed Jameel Al Ramahi, chief executive of Masdar.
“For Masdar, this JV strengthens and diversifies our portfolio, unlocking new opportunities in attractive, high-growth markets, while bringing in a like-minded partner to accelerate growth and deliver additional value in our existing markets.”