TotalEnergies, Masdar launch $2.2B renewable JV

French energy major TotalEnergies SE and Abu Dhabi-based clean energy firm Masdar have agreed to form a $2.2 billion joint venture aimed at expanding renewable energy projects across Asia.

The new venture will consolidate the companies’ onshore renewable energy assets across nine countries, including markets in Asia and Central Asia, News.Az reports, citing Reuters.

It will operate with an estimated portfolio of 3 gigawatts (GW) of installed capacity, with an additional 6 GW under development.

Under the agreement, both companies will hold a 50% stake in the Abu Dhabi-headquartered joint venture.

The partnership will focus on developing, building, owning, and operating solar, wind, and battery storage projects.

Executives said Asia will play a central role in global electricity demand growth over the coming decade, making it a strategic region for renewable expansion.

The venture will become the companies’ exclusive platform for renewable projects in countries including Azerbaijan, Indonesia, Japan, Kazakhstan, Malaysia, the Philippines, Singapore, South Korea, and Uzbekistan.

The deal reflects a wider industry shift as global energy companies accelerate investments in clean power assets amid rising demand for low-carbon electricity and long-term decarbonization goals.

News.Az 

By Aysel Mammadzada