Abu dhabi: TotalEnergies, a global integrated multi-energy company, and Abu Dhabi Future Energy Company PJSC - Masdar, have taken a significant step by signing a binding agreement to create a joint venture valued at $2.2 billion. This venture aims to consolidate their onshore renewable activities across nine Asian countries, Masdar informed APA-Economics.

According to Azeri-Press News Agency, this collaboration comes at a time when electricity demand is rapidly increasing across Asia. The joint venture is set to become the exclusive platform for both companies to develop, build, own, and operate onshore solar, wind, and battery storage projects in countries including Azerbaijan, Indonesia, Japan, Kazakhstan, Malaysia, the Philippines, Singapore, South Korea, and Uzbekistan.

The partnership boasts a portfolio capacity of 3 GW of operational assets, with an additional 6 GW in advanced stages of development, projected to be operational by 2030. Both TotalEnergies and Masdar will contribute assets of equal value to the joint venture.

His Excellency Dr. Sultan Al Jaber, UAE Minister of Industry and Advanced Technology and Chairman of Masdar, highlighted the UAE's leadership in global energy, emphasizing the significance of this collaboration in accelerating renewable energy deployment across Asia. He noted that Asia is poised to drive global electricity demand growth this decade.

Patrick Pouyann©, Chairman and CEO of TotalEnergies, expressed satisfaction with the agreement, underscoring its alignment with the renewable energy strategy of their Integrated Power business. He emphasized the enhanced value and market positions that the partnership would secure in the Asian markets.

Mohamed Jameel Al Ramahi, CEO of Masdar, remarked on the joint venture's role in reinforcing Abu Dhabi's status as a global energy center. He stated that this collaboration not only diversifies Masdar's portfolio but also unlocks new opportunities in high-growth markets with the support of a like-minded partner.

The joint venture will be based in Abu Dhabi Global Market (ADGM) and will employ approximately 200 staff members from both TotalEnergies and Masdar. The management team for the venture will be announced later.