The agreement includes merging their onshore renewable energy projects in nine Asian countries.

(Energy Company Masdar)

Masdar and Total Energy establish a $2.2 billion partnership

Abu Dhabi Future Energy Company (Masdar) and Total Energy signed a binding agreement to establish a 50/50 partnership with a total value of $2.2 billion.

Under this partnership, the two companies will merge their onshore renewable energy projects in nine Asian countries. The new partnership will leverage the expertise and resources of both Masdar and Total Energy to develop large-scale renewable energy projects at a pace that meets the rapidly increasing 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 solar, wind, and battery energy storage projects in Azerbaijan, Indonesia, Japan, Kazakhstan, Malaysia, the Philippines, Singapore, South Korea, and Uzbekistan, according to the Emirates News Agency (WAM).

The new partnership will encompass a project portfolio with a total capacity of approximately 3 gigawatts (GW), including projects already in operation, as well as 6 GW of projects in advanced stages of development expected to come online by 2030. Each company will contribute assets of similar value to the partnership.

Dr. Sultan Ahmed Al Jaber, Minister of Industry and Advanced Technology and Chairman of Masdar, said that through this agreement, Masdar reaffirms the UAE’s global leadership in this sector, which has been solidified through the implementation of large-scale mega-projects, the conclusion of profitable investment deals, and the building of long-term strategic partnerships and collaborations.

He noted that this partnership with Total Energy will expand Masdar’s operations in the Asia-Pacific, Central Asia, and Caucasus markets.

He added that Asia will lead global electricity demand growth this decade, and this strategic partnership will contribute to unlocking new growth opportunities and fostering progress across the continent, providing competitive and reliable energy solutions that meet the needs of our customers and partners, and accelerating sustainable economic and social development.