TotalEnergies and Masdar have signed an agreement to form a $2.2 billion joint venture, consolidating their onshore renewable energy activities in nine Asian countries.
The new joint venture will combine comparable assets from both companies, initially offering 3 GW of operational capacity and 6 GW in advanced development, expected to come online before 2030, the companies said in a joint statement.
“The joint venture will be the exclusive vehicle for both companies to develop, construct, own, and operate onshore solar, wind, and battery storage projects in Azerbaijan, Indonesia, Japan, Kazakhstan, Malaysia, the Philippines, Singapore, South Korea, and Uzbekistan,” the statement added.
Sultan Al Jaber, Minister of Industry and Advanced Technology of the UAE and Chairman of Masdar, stated: “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.”
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Patrick Pouyanné, CEO of TotalEnergies, highlighted that the deal “brings together two major players in the renewable energy sector to create a leader in Asia” and will “generate more value than if we acted separately.”
The joint venture will employ around 200 staff from both companies, with the management team to be announced in the coming weeks.
To meet Asia’s rapidly growing electricity demand, the deal’s formalization is still subject to regulatory approvals and conditions.
