TotalEnergies and Masdar launch $2.2 B JV
New joint venture combines solar, wind, and battery projects across nine Asian countries, adding 9 GW capacity by 2030.
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Asia: TotalEnergies and Abu Dhabi Future Energy Company PJSC (Masdar) have signed a binding agreement to create a $2.2 B joint venture, combining their onshore renewable operations across nine Asian countries. The Abu Dhabi-based venture will serve as the sole platform for both companies to develop, build, own, and operate solar, wind, and battery storage projects in Azerbaijan, Indonesia, Japan, Kazakhstan, Malaysia, the Philippines, Singapore, South Korea, and Uzbekistan.
Each partner will hold a 50 % stake and contribute assets of comparable value. The JV will start with 3 GW of operational capacity and has an additional 6 GW under advanced development, expected to be operational by 2030. Around 200 employees from both companies will join the platform, with management appointments to be announced later.
His Excellency Dr Sultan Al Jaber, UAE Minister of Industry and Advanced Technology and Masdar Chairman, highlighted Asia as a key driver of global electricity demand and said the JV will accelerate renewable deployment across the continent. TotalEnergies CEO Patrick Pouyanné added that the collaboration combines the strengths of both companies to secure significant positions in these markets and create more value than acting alone. Masdar CEO Mohamed Jameel Al Ramahi noted the venture reinforces Abu Dhabi’s global energy leadership while expanding opportunities in high-growth markets.
The deal is subject to regulatory approvals and closing conditions.
Source: Business Wire
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