TotalEnergies, Masdar to merge renewables activities in nine Asian countries
Why it matters: The joint venture will be the sole vehicle for TotalEnergies and Masdar to develop 9 GW of renewable energy in nine Asian countries.
- TotalEnergies and Masdar have signed a binding agreement to create a $2.2 billion joint venture, merging their onshore renewables activities.
- The joint venture will operate across nine Asian countries: Azerbaijan, Indonesia, Japan, Kazakhstan, Malaysia, the Philippines, Singapore, South Korea, and Uzbekistan.
- The new company will manage a portfolio of 3 GW of operational assets and a 6 GW pipeline of solar, onshore wind, and battery storage projects expected by 2030.
- Masdar Chairman Sultan Al Jaber highlighted that this collaboration will accelerate progress in Asia, which is projected to be the main driver of global electricity demand growth this decade.
TotalEnergies and Masdar are forming a $2.2 billion joint venture to merge their onshore renewables activities across nine Asian countries, aiming to accelerate solar, wind, and battery storage development in a region driving global electricity demand. This 50-50 partnership will combine their capital and expertise to manage 3 GW of operational assets and a 6 GW pipeline by 2030.
