TotalEnergies and Masdar have signed an agreement to establish a 50:50 joint venture with an implied enterprise value of USD 2.2 billion. The joint venture will combine the two companies’ onshore renewable energy activities across nine Asian markets and will comprise 3 GW of operational assets and 6 GW of assets in advanced development that are expected to be operational by 2030.
Once the transaction is completed, the joint venture will serve as the sole vehicle for both companies to develop, build, own and operate onshore solar, wind and battery storage projects in Azerbaijan, Indonesia, Japan, Kazakhstan, Malaysia, the Philippines, Singapore, South Korea and Uzbekistan.