TotalEnergies and Masdar have signed a binding agreement to form a USD 2.2 billion, 50:50 joint venture (JV) to combine their onshore renewable energy activities across nine Asian markets.
The platform will include 3 GW of operational capacity and 6 GW of projects under advanced development in Azerbaijan, Indonesia, Japan, Kazakhstan, Malaysia, the Philippines, Singapore, South Korea and Uzbekistan, with the latter expected to be commissioned by 2030. Once completed, the JV will serve as the sole vehicle for developing, building, owning and operating onshore solar, wind and battery storage projects in these markets.