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The latest update is out from TotalEnergies SE ( (FR:TTE) ).
TotalEnergies and Abu Dhabi-based clean energy developer Masdar have agreed to form a $2.2 billion 50/50 joint venture that will combine their onshore renewable energy businesses across nine Asian markets, including Japan, South Korea and Indonesia. Headquartered in Abu Dhabi Global Market and staffed by around 200 employees from both firms, the JV will be the exclusive vehicle for developing, building, owning and operating their onshore solar, wind and battery storage projects in these countries.
The new platform will control 3 GW of operational assets and 6 GW of projects in advanced development expected to be online by 2030, aligning TotalEnergies’ integrated power strategy with Masdar’s push to scale renewables in high-growth markets. By pooling capital and expertise, the partners aim to build a leading renewables player positioned to capture Asia’s surging electricity demand, deepen UAE–TotalEnergies ties, and diversify Masdar’s portfolio while enhancing value creation in existing markets, subject to regulatory approvals.
More about TotalEnergies SE
TotalEnergies SE is a global integrated energy company active in oil, biofuels, natural gas, biogas, low-carbon hydrogen, renewables and electricity. With operations in about 120 countries and more than 100,000 employees, it focuses on providing reliable, affordable and more sustainable energy, placing sustainability at the core of its strategy and projects.
Learn more about TTE stock on TipRanks’ Stock Analysis page.