Abu Dhabi clean energy company Masdar and French energy major TotalEnergies have signed a binding agreement to form a US$2.2 billion (approximately €2.03 billion) joint venture, consolidating their onshore renewable energy operations across nine Asian markets under a single platform. The partnership targets Asia's rapidly growing electricity demand through a combined portfolio of solar, wind, and battery storage assets.

Gulf News reported that the platform will be headquartered in Abu Dhabi Global Market and will serve as the sole vehicle for both companies to develop, build, own, and operate projects across Azerbaijan, Indonesia, Japan, Kazakhstan, Malaysia, the Philippines, Singapore, South Korea, and Uzbekistan.

The combined portfolio launches with 3 GW of operational capacity and 6 GW of projects in advanced stages of development, with those assets expected to come online by 2030. Each partner is contributing assets of comparable value, providing a balanced foundation from the outset.

Dr Sultan Al Jaber said Asia will be the main driver of global electricity demand growth this decade and that the collaboration with TotalEnergies will accelerate progress across the continent, unlocking new opportunities to deliver competitive and reliable energy solutions.

Patrick Pouyanné, chief executive of TotalEnergies, said the agreement brings together two major renewable players to build a renewable champion in Asia, allowing both companies to combine their strengths to secure significant market positions and create more value than by acting independently.

The platform is expected to operate with approximately 200 employees drawn from both companies. The transaction remains subject to regulatory approvals, with the management team to be announced once the deal closes.

The joint venture reinforces Abu Dhabi's growing role as a hub for global clean energy investment, with Masdar's portfolio spanning over 40 countries across six continents.

Read the full report on the Masdar and TotalEnergies Asia renewables platform.