TotalEnergies has partnered with Abu Dhabi Future Energy Company (Masdar) to establish a $2.2bn (€1.9bn) 50/50 joint venture that will merge their 3GW of operational onshore renewable activities in nine countries across Asia.
The pair intend to use the newly created joint venture (JV) as the 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 6GW of assets in advanced development that are expected to be operational by 2030, the companies said.
Sultan Al Jaber, UAE minister of industry and advanced technology and chairman of Masdar, said: “The UAE has established itself as a global energy leader by delivering at scale, investing with conviction, and building partnerships that endure. Masdar epitomises that approach. We are proud to have pioneered renewable energy deployment in Central Asia and the Caucuses, and we have an expanding portfolio in some of the most attractive growth markets in Asia-Pacific.
“Asia will be the main driver of global electricity demand growth this decade, and this collaboration with TotalEnergies will accelerate our progress across the continent, unlocking new opportunities to deliver the competitive, reliable energy solutions that our partners and customers need.”
Patrick Pouyanné, chairman and CEO of TotalEnergies, said: “We are delighted with the signing of this agreement with Masdar, which brings together two major renewable players to build a renewable champion in Asia. It will allow us to combine the strengths of our two companies to secure significant positions in these markets and create more value than if we were acting alone. This agreement is fully in line with the renewable energy strategy of our Integrated Power business.
“We are also pleased to further deepen, in this area, the long-standing relationship between the United Arab Emirates and TotalEnergies.”
Mohamed Jameel Al Ramahi, CEO of Masdar, said: “This joint venture reinforces Abu Dhabi’s status as a global centre for energy leadership, combining the expertise of Masdar and TotalEnergies to drive renewable energy deployment across Asia.
“For Masdar, this JV strengthens and diversifies our portfolio, unlocking new opportunities in attractive, high-growth markets, while bringing in a like-minded partner to accelerate growth and deliver additional value in our existing markets.”
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