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Asia · Joint Venture · Renewable Energy · TotalEnergies
TotalEnergies and Masdar signed a binding agreement to establish a $2.2 billion 50/50 joint venture, merging their onshore renewable activities across nine Asian countries, aiming to accelerate renewable energy growth in the region.
This partnership creates a 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 JV combines 3 GW of operational assets and 6 GW of assets in advanced development, with all 9 GW expected to be operational by 2030; each partner contributes assets of comparable value.
His Excellency Dr. Sultan Al Jaber, UAE Minister of Industry and Advanced Technology and Chairman of Masdar, stated this collaboration accelerates progress across Asia.
Patrick Pouyanné, Chairman and CEO of TotalEnergies, confirmed the agreement combines strengths to secure significant market positions and create more value. Mohamed Jameel Al Ramahi, CEO of Masdar, noted the JV strengthens and diversifies Masdar's portfolio.
The JV, headquartered in Abu Dhabi Global Market (ADGM), will be staffed by approximately 200 employees from both companies, with closing subject to regulatory approvals.
