TotalEnergies and Masdar have received approval from the European Commission to establish a USD 2.2 billion joint venture aimed at accelerating renewable energy development across Asia.
The 50:50 partnership will serve as the exclusive platform through which both companies develop, build, own, and operate onshore renewable energy projects in key Asian markets, including Azerbaijan, Indonesia, Japan, Kazakhstan, Malaysia, the Philippines, Singapore, South Korea, and Uzbekistan.
The joint venture will combine a portfolio of approximately 3 GW of operational renewable energy assets and a further 6 GW of projects under development, creating a total portfolio of around 9 GW. The development pipeline is expected to be commissioned by 2030.
According to the companies, the platform will focus on advancing solar photovoltaic, onshore wind, and battery energy storage projects, supporting the region’s growing demand for clean energy and contributing to decarbonization efforts.
The European Commission concluded that the transaction would not raise competition concerns within the European Economic Area, clearing the way for the companies to proceed with the formation of the joint venture.
The partnership is expected to leverage the complementary strengths of TotalEnergies and Masdar, combining international renewable energy expertise, project development capabilities, and financial resources to expand their presence in some of Asia’s fastest-growing energy markets.
The companies stated that the venture aligns with their long-term strategies to scale renewable energy deployment and support the global energy transition through increased investments in clean power infrastructure.
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