TotalEnergies and Masdar Form $2.2B Asia Renewables JV

TotalEnergies and Masdar, the renewable energy arm of Abu Dhabi, announced a binding agreement on Thursday to form a 50/50 joint venture valued at 2.2 billion, merging their onshore renewable energy operations across nine Asian countries.

The partnership combines the French energy company's integrated power business with Masdar's clean energy expertise to accelerate the development of solar, wind and battery storage projects amid surging electricity demand in the region. Once the deal closes, subject to regulatory approvals and other conditions, the joint venture will serve as the exclusive platform for both firms to develop, build, own and operate these onshore assets in Azerbaijan, Indonesia, Japan, Kazakhstan, Malaysia, the Philippines, Singapore, South Korea and Uzbekistan.

The new entity starts with a robust portfolio: 3 gigawatts of operational capacity and 6 gigawatts in advanced development stages, with the latter expected to come online by 2030. Each partner will contribute assets of comparable value, ensuring balanced ownership from the outset. Headquartered in Abu Dhabi Global Market, the venture will employ around 200 staff drawn from both organizations, though the...