TotalEnergies, Masdar to form $2.2B joint venture in Asia

TotalEnergies (TTE) and Abu Dhabi Future Energy Company PJSC – Masdar have signed a binding agreement to establish a $2.2B 50/50 joint venture that will merge their onshore renewable activities in nine countries across Asia. As electricity demand accelerates across Asia, this partnership brings together capital and expertise to deliver renewable energy at the scale and speed required. Once the transaction is closed, the JV will act as both companies’ sole vehicle for developing, building, owning and operating onshore solar, wind and battery storage projects in Azerbaijan, Indonesia, Japan, Kazakhstan, Malaysia, the Philippines, Singapore, South Korea and Uzbekistan. The JV will have a portfolio capacity of 3 GW of operational assets and 6 GW of assets in advanced development that are expected to be operational by 2030. Each partner will contribute assets of comparable value. The JV, which will be headquartered in Abu Dhabi Global Market, will be staffed by around 200 employees from both TotalEnergies and Masdar. The management team for the JV will be announced at a future date. The closing of the agreement is subject to regulatory approvals and conditions.