BAKU, Azerbaijan, April 2. French
TotalEnergies, and Masdar company, based in the United Arab
Emirates have signed a binding agreement to establish a $2.2bn
50/50 joint venture (JV) that will merge their onshore renewable
activities in nine countries across Asia, Trend reports.
Once the transaction is closed, the JV will act as both
companies’ sole vehicle for developing, building, owning and
operating onshore solar, wind and battery storage projects in
Azerbaijan, Indonesia, Japan, Kazakhstan, Malaysia, the
Philippines, Singapore, South Korea and Uzbekistan.
The JV will have a portfolio capacity of 3 GW of operational
assets and 6 GW of assets in advanced development that are expected
to be operational by 2030. Each partner will contribute assets of
comparable value.
The JV, which will be headquartered in Abu Dhabi Global Market
(ADGM), will be staffed by around 200 employees from both
TotalEnergies and Masdar. The management team for the JV will be
announced at a future date.
The closing of the agreement is subject to regulatory approvals
and conditions.
