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Abu Dhabi Future Energy Company (Masdar) has signed a binding agreement with TotalEnergies to merge their onshore renewable energy portfolios in nine Asian markets into a new 50:50 joint venture.
The proposed joint venture carries an enterprise value of $2.2 billion with both companies set to contribute assets of comparable value.
Once completed, the JV will serve as the exclusive platform for Masdar and TotalEnergies 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.
The combined entity 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.
Abu Dhabi National Energy Company (TAQA) which holds a 43% stake in Masdar, said in a bourse filing that the transaction remains subject to customary third party approvals before closing.
(Writing by Brinda Darasha; editing by Seban Scaria)
