Masdar and TotalEnergies have signed a binding agreement to establish a 50/50 partnership valued at a total of $2.2 billion. Under this partnership, the companies will combine their onshore renewable energy projects across nine countries in Asia. In light of the rapidly increasing global demand for electricity, driven by the Asian continent, the new partnership will leverage the expertise and resources of both Masdar and TotalEnergies to develop large-scale renewable energy projects at a pace that matches the accelerating demand for energy. Upon completion of the deal, the new partnership will be the sole platform for both companies to develop, build, own, and operate onshore projects in solar, wind, and battery energy storage systems in Azerbaijan, Indonesia, Japan, Kazakhstan, Malaysia, the Philippines, Singapore, the Republic of Korea, and Uzbekistan. The new partnership will include a project portfolio with a total capacity of approximately 3 GW, comprising operational projects, alongside 6 GW of projects in advanced development stages, expected to be operational by 2030. The completion of the agreement is subject to the fulfillment of conditions and the receipt of necessary regulatory approvals.
