TotalEnergies to Form $2.2 Billion Renewable Energy Joint Venture With Masdar

MT Newswires Live04-02 15:03

TotalEnergies (TTE) said Thursday it agreed to establish a $2.2 billion joint venture with United Arab Emirates-based energy company Masdar to combine their onshore renewable energy activities in nine countries across Asia.

The JV will have a portfolio capacity of 3 gigawatts of operational assets, as well as 6 gigawatts of assets that are expected to be running by 2030. It will be based in Abu Dhabi Global Market, with a workforce of around 200 employees each from TotalEnergies and Masdar, the oil and gas company said.

The venture will serve as both companies' sole vehicle for developing and operating onshore solar, wind and battery storage projects in Azerbaijan, Indonesia, Japan, Kazakhstan, Malaysia, the Philippines, Singapore, South Korea and Uzbekistan.

The deal is subject to regulatory approvals, the company said.

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