TotalEnergies and Masdar Launch Asian Renewables Venture
TotalEnergies and Masdar formed a $2.2 billion venture for Asian renewables. The 50-50 partnership targets 9 gigawatts of total capacity by the year 2030.
French energy major TOTALENERGIES SE and the United Arab Emirates based renewable energy firm Abu Dhabi Future Energy Company PJSC Masdar have agreed to merge their onshore renewable energy operations across nine Asian countries. The new joint venture, valued at $2.2 billion, was also confirmed by Masdar shareholder ABU DHABI NATIONAL ENERGY CO on Thursday.
The partnership will see both companies contribute assets of comparable value to the Abu Dhabi-headquartered venture, with each party holding a 50% stake. The combined portfolio currently includes 3 gigawatts (GW) of operational capacity, with an additional 6 GW under advanced development. These development projects are expected to become fully operational by 2030.
