TotalEnergies–Masdar JV consolidates 9-GW renewable assets across Asia

The Asia renewable buildout spans nine markets under a $2.2b platform.

TotalEnergies and Masdar have signed a binding agreement to form a $2.2b, 50/50 joint venture (JV) to combine their onshore renewable energy activities across nine Asian countries, according to a press release.

The JV will merge solar, wind, and battery storage assets in Azerbaijan, Indonesia, Japan, Kazakhstan, Malaysia, the Philippines, Singapore, South Korea, and Uzbekistan.

The platform will include 3 GW of operational capacity and 6 GW of projects in advanced development expected to reach operation by 2030, with each company contributing assets of comparable value.

Once completed, the JV will serve as the sole vehicle for developing, building, owning, and operating onshore renewable projects in the nine markets.

The headquarters will be based in the Abu Dhabi Global Market, with around 200 employees from both companies staffing the new entity. The management team will be announced at a later date.

The agreement remains subject to regulatory approvals and other conditions, the press release noted.

“For Masdar, this JV strengthens and diversifies our portfolio, unlocking new opportunities in attractive, high-growth markets,” Mohamed Jameel Al Ramahi, Chief Executive Officer (CEO) of Masdar, said.

“It will allow us to combine the strengths of our two companies to secure significant positions in these markets and … is fully in line with the renewable energy strategy of our Integrated Power business,” Patrick Pouyanné, Chairman and CEO of TotalEnergies, said.