As the wave of energy transition sweeps across the globe, international energy giants are making another major strategic move in Asia.

On Thursday, French energy giant TotalEnergies and Masdar, the UAE’s state-backed clean energy pioneer, formally signed a binding agreement to establish a joint venture valued at $2.2 billion (approximately 15 billion yuan). The new company will be equally owned by both parties and headquartered in Abu Dhabi.

According to the agreement, the new company will serve as the sole platform for both parties to develop, construct, own, and operate onshore wind, solar, and energy storage projects in Asia.

In their statement, the two parties emphasized that although both companies have offshore wind power development plans in Asia, those operations are not included in the scope of this joint venture.

The joint venture will combine the parties’ onshore operations in nine countries: Azerbaijan, Indonesia, Japan, Kazakhstan, Malaysia, the Philippines, Singapore, South Korea, and Uzbekistan, totaling approximately 3GW of commissioned projects and 6 GW of development-ready assets.

The Chairman of Masdar and the UAE Minister of Industry and Advanced Technology made it clear that this partnership will accelerate Masdar’s expansion across the Asian continent. The joint venture will focus primarily on the development and construction of onshore wind power projects in Central Asia, with the goal of achieving a total installed capacity of 100 GW by 2030.

With the new company now officially up and running, the Asian onshore wind and solar markets are undoubtedly set to welcome a highly dominant “super player”.