TotalEnergies and Masdar form $2.2bn JV for onshore renewables in Asia
- $2.2bn 50/50 joint venture between TotalEnergies and Masdar to merge onshore renewable assets across nine Asian countries.
- Combined portfolio: 3 GW operational and 6 GW in advanced development, targeted to be operational by 2030.
- JV will develop, build, own and operate onshore solar, wind and battery storage projects in Azerbaijan, Indonesia, Japan, Kazakhstan, Malaysia, the Philippines, Singapore, South Korea and Uzbekistan.
- Headquartered in Abu Dhabi Global Market with around 200 staff; closing subject to regulatory approvals.
Deal overview
TotalEnergies and Masdar signed a binding agreement to form a $2.2bn 50/50 joint venture that will merge their onshore renewable activities across nine countries in Asia.
Scope and capacity
Each partner will contribute assets of comparable value; the JV’s portfolio comprises 3 GW of operational capacity and 6 GW in advanced development, with those projects expected to be operational by 2030.
Technology and mandate
The JV will be the sole vehicle for developing, building, owning and operating onshore solar, wind and battery storage projects covered by the transaction.
Geography
Covered countries are Azerbaijan, Indonesia, Japan, Kazakhstan, Malaysia, the Philippines, Singapore, South Korea and Uzbekistan.
Organisation and closing
The platform will be headquartered in Abu Dhabi Global Market and staffed by about 200 employees from both companies; the management team will be announced later and closing is subject to regulatory approvals and conditions.
Source: TotalEnergies