April 02, 2026 [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.
- The companies will contribute assets of comparable value to the JV
- Assets under development are expected to be operational by 2030
- After the deal is closed, the JV will develop, build, own and operate solar, wind and battery storage projects
- It will be their sole vehicle in Azerbaijan, Indonesia, Japan, Kazakhstan, Malaysia, the Philippines, Singapore, South Korea and Uzbekistan
- “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
- 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
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