Overview
- A $2.2 billion joint venture announced Thursday between Masdar and TotalEnergies combines their onshore renewable businesses in Azerbaijan, Indonesia, Japan, Kazakhstan, Malaysia, the Philippines, Singapore, South Korea, and Uzbekistan.
- The 50-50 platform will develop, build, own, and operate onshore solar, wind, and battery storage projects across those markets.
- The combined portfolio starts with 3 gigawatts already operating and adds 6 gigawatts in advanced development that the partners expect to bring online by 2030.
- The venture will be headquartered at Abu Dhabi Global Market with about 200 employees from both companies, and it is set to become the sole vehicle for these assets once the deal is finalized.
- Following the announcement, Benzinga reported TotalEnergies shares up 2.52% to $92.04 in premarket trading, as the IEA warned of rising energy-market risks and executives pointed to Asia’s fast-growing electricity demand.