TotalEnergies and Masdar have announced a partnership that will merge their onshore renewable energy businesses across 9 Asian countries
The portfolio will include 3 GW of operating assets and 6 GW in advanced development expected online by 2030
The JV will focus on developing, owning, and operating solar, wind, and battery storage projects, headquartered in Abu Dhabi Global Market
Abu Dhabi Future Energy Company Masdar and France’s TotalEnergies are merging their respective onshore renewable energy businesses across Asia to establish a $2.2 billion 50:50 joint venture (JV).
Under a binding agreement, the duo plans to consolidate their renewable energy assets and activities spread in 9 Asian nations, namely Azerbaijan, Indonesia, Japan, Kazakhstan, Malaysia, the Philippines, Singapore, South Korea, and Uzbekistan.
With this, the JV will have 3 GW of operational assets along with 6 GW in advanced development, expected to come online by 2030. This comprises 2.1 GW operational in Uzbekistan and 2.6 GW in advanced development in Kazakhstan. The 2 partners will contribute assets of comparable value.
Once the deal closes, the JV will become the sole vehicle for the duo to develop , build, own, and operate onshore solar, wind, and battery storage projects in select nations. It will be headquartered in Abu Dhabi Global Market (ADGM).
It will comprise around 200 employees from both companies. The management team will be announced at a later date, they add.
According to the JV partners, their partnership will bring together capital and expertise to deliver renewable energy at the scale and speed required to meet accelerating electricity demand across the continent.
“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,” said Dr. Sultan Al Jaber, UAE Minister of Industry and Advanced Technology and Chairman of Masdar.
Masdar says this JV will strengthen and diversify its portfolio, unlocking new opportunities in attractive, high-growth markets. TotalEnergies Chairman and CEO Patrick Pouyanné stressed that it is in line with the renewable energy strategy of its Integrated Power business.