Abu Dhabi Future Energy Company (Masdar) has entered into a binding agreement with TotalEnergies to consolidate their onshore renewable energy assets across nine Asian markets into a newly established 50:50 joint venture.
The planned venture is valued at USD 2.2B, with both parties contributing portfolios of broadly equivalent value.
Upon completion, the joint venture will act as the sole platform for Masdar and TotalEnergies to develop, construct, own, and operate onshore solar, wind, and battery storage projects across Azerbaijan, Indonesia, Japan, Kazakhstan, Malaysia, the Philippines, Singapore, South Korea, and Uzbekistan.
The combined platform is expected to comprise 3 GW of operational capacity, alongside a further 6 GW in advanced stages of development, targeted to come online by 2030.
Abu Dhabi National Energy Company (TAQA), which holds a 43% stake in Masdar, noted in a stock exchange filing that the transaction is subject to customary third-party approvals prior to completion.
