April 2 (Reuters) - 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
TotalEnergies and Masdar Forge $2.2 Billion JV for Asian Renewables Expansion
Joint Venture Overview and Strategic Impact
April 2 (Reuters) - 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.
Key Details of the Joint Venture
Asset Contribution
The companies will contribute assets of comparable value to the JV
Development Timeline
Assets under development are expected to be operational by 2030
Operational Scope
After the deal is closed, the JV will develop, build, own and operate solar, wind and battery storage projects
Geographic Focus
Countries of Operation
It will be their sole vehicle in Azerbaijan, Indonesia, Japan, Kazakhstan, Malaysia, the Philippines, Singapore, South Korea and Uzbekistan
Market Context and Industry Insights
Electricity Demand Growth in Asia
"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
Recent Developments
Last month, the New York Times reported U.S. officials were drafting agreements to pay nearly $1 billion to TotalEnergies as compensation for the cancellation of leases for wind farms
(Reporting by Alessandro Parodi in Gdansk, editing by Milla Nissi-Prussak)
