TotalEnergies, Masdar to launch joint venture across Asia, including Azerbaijan Clean energy in focus / PHOTO

TotalEnergies, a global integrated multi‑energy company, and Abu Dhabi Future Energy Company PJSC – Masdar, a global clean energy leader, have finalised a binding agreement to form a $2.2bn 50/50 joint venture (JV) that will combine their onshore renewable operations across nine countries in Asia, including Azerbaijan.

Masdar stated that as electricity demand accelerates across Asia, this partnership brings together capital and expertise to deliver renewable energy at the scale and speed required, Caliber.Az reports via local media.

“Once the transaction is closed, the JV will act as both companies' 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 company added.

The JV will hold a portfolio of 3 GW of operational assets and 6 GW of projects in advanced development, all expected to be operational by 2030. Each partner will contribute assets of equivalent value.

"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 Caucasus, 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," Sultan Al Jaber, UAE Minister of Industry and Advanced Technology and Chairman of Masdar, said.

Meanwhile, TotalEnergies’ Chairman and CEO Patrick Pouyanné highlighted that the agreement will combine the strengths of both companies, secure strong positions in these markets, and create additional value.

The JV will be headquartered in Abu Dhabi Global Market (ADGM) and will employ around 200 staff from both TotalEnergies and Masdar. The management team will be announced at a later stage.

By Jeyhun Aghazada