TotalEnergies and Masdar have signed a binding agreement to establish a 50/50 joint venture to combine their onshore renewable energy activities across Asia. The joint venture will serve as the exclusive vehicle for both companies to develop, build, own and operate onshore solar, wind and battery storage projects in Azerbaijan, Indonesia, Japan, Kazakhstan, Malaysia, the Philippines, Singapore, South Korea and Uzbekistan.
The $2.2 billion joint venture will combine a portfolio of 3 GW of operational capacity with a further 6 GW of projects in advanced development, which are expected to be commissioned by 2030. Each partner will contribute assets of comparable value. Headquartered in Abu Dhabi Global Market, the joint venture will employ around 200 staff drawn from both companies. The management structure will be announced at a later stage. Completion of the agreement remains subject to regulatory approvals and customary conditions.
