Total SA and Masdar Form $2.2 Billion Renewable Energy Joint Venture Spanning Nine Nations

Stock News04-02

Total SA (TTE.US) and the UAE's state-owned renewable energy firm Masdar announced on Thursday that they will combine their onshore renewable energy operations across nine Asian countries to establish a joint venture valued at $2.2 billion. The merged entity will possess 3 GW of operational capacity, with an additional 6 GW in advanced development stages. Each company will hold a 50% stake in the Abu Dhabi-based joint venture. Both parties will contribute assets of equivalent value to the venture, and projects under construction are expected to become operational by 2030. Upon completion of the transaction, the joint venture will develop, construct, own, and operate solar, wind, and energy storage projects. This consolidation will merge their operations in Azerbaijan, Indonesia, Japan, Kazakhstan, Malaysia, the Philippines, Singapore, South Korea, and Uzbekistan. "Asia is set to be the primary driver of global electricity demand growth over the next decade," stated Sultan Al Jaber, UAE Minister of Industry and Advanced Technology and Chairman of Masdar. Last month, media reports indicated that U.S. officials were drafting an agreement to pay Total SA nearly $1 billion as compensation for canceling a wind farm lease contract.

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