French energy giant TotalEnergies and clean energy developer Masdar announced a new agreement which will see the companies merge their onshore renewable activities in nine countries across Asia in a new $2.2 billion 50/50 joint venture.
According to the companies, the new joint venture will bring together capital and expertise to deliver renewable energy at scale and speed, as electricity demand accelerates across Asia.
Patrick Pouyanné, Chairman and CEO of TotalEnergies said:
“We are delighted to sign this agreement with Masdar, bringing together two major renewable players to build a leading platform in Asia. This partnership enables us to combine strengths, secure strong market positions, and create more value than acting independently.”
Headquartered in Abu Dhabi, and staffed by around 200 employees, the new joint venture will serve as the companies’ exclusive platform 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 combined platform will include approximately 3 GW of operational capacity and a further 6 GW of projects under advanced development, with both partners contributing assets of similar value.
Mohamed Jameel Al Ramahi, CEO of Masdar said:
“This joint venture reinforces Abu Dhabi’s position as a global center for energy leadership, combining the expertise of Masdar and TotalEnergies to drive renewable energy deployment across Asia. For Masdar, this JV strengthens and diversifies our portfolio, unlocking new opportunities in high-growth markets while accelerating value creation in existing ones.”Top of Form
