TotalEnergies, Abu Dhabi’s Masdar form $2.2 billion renewables joint venture

France’s TotalEnergies and Emirati new energies firm Masdar will merge their onshore renewable activities in nine Asian countries into a $2.2 billion joint venture, the companies and Masdar shareholder TAQA said on Thursday.

The companies will contribute to a total portfolio of 3 gigawatts of operational capacity, with 6 GW under advanced development, and will own 50% of the Abu Dhabi-headquartered venture each.

The companies will contribute assets of comparable value to the JV.

Assets under development are expected to be operational by 2030 After the deal is closed, the JV will develop, build, own and operate solar, wind and battery storage projects.

It will be their sole vehicle in Azerbaijan, Indonesia, Japan, Kazakhstan, Malaysia, the Philippines, Singapore, South Korea and Uzbekistan.

“Asia will be the main driver of global electricity demand growth this decade,” said Sultan Al Jaber, UAE’s Minister of Industry and Advanced Technology and chair of Masdar Last month, the New York Times reported US officials were drafting agreements to pay nearly $1 billion to TotalEnergies as compensation for the cancellation of leases for wind farms‑Reuters