TotalEnergies, a global integrated multi‑energy company, and Masdar (Abu Dhabi Future Energy Co.), a global clean energy firm, have signed a binding agreement to establish a $2.2 billion 50-50 joint venture that will merge their onshore renewable activities in nine countries across Asia.
As electricity demand accelerates across Asia, this partnership brings together capital and expertise to deliver renewable energy at the scale and speed required. Once the transaction is closed, the joint venture will act as both companies’ 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 joint venture will have a portfolio capacity of 3 gigawatts of operational assets and 6 gigawatts of assets in advanced development that are expected to be operational by 2030. Each partner will contribute assets of comparabl
