Abu Dhabi, UAE – Abu Dhabi Future Energy Company “Masdar”, the global leader in the field of clean energy, and “Total Energy”, the global integrated energy company, signed a binding agreement to establish a partnership with a 50% stake each and a total value of up to $2.2 billion. Within the framework of this partnership, the two companies will merge their onshore renewable energy projects in nine countries within Asia.
In light of the rapid increase in global demand for electricity, led by the continent of Asia, the new partnership will allow benefiting from the expertise and resources of Masdar and Total Energy. To develop large-scale renewable energy projects at a pace that keeps pace with the accelerating demand for energy.
project portfolio
Upon completion of the deal, the new partnership will be the sole platform for both companies to develop, build, own and operate onshore projects. In the fields of solar energy, wind energy and energy storage battery systems in Azerbaijan, Indonesia, Japan, Kazakhstan, Malaysia, Philippines, Singapore, Republic of Korea and Uzbekistan.
The new partnership will include a project portfolio with a total capacity of approximately 3 gigawatts. Includes projects in operation, as well as 6 GW projects in advanced development stages. It is expected to become operational by 2030. Each company will contribute assets of similar value to the new partnership.
joint team
The company’s headquarters is scheduled to be located in the Abu Dhabi Global Market. It will include about 200 employees from Masdar and Total Energy. The joint company’s management team will be announced at a later date. Completion of the agreement is subject to completion of the terms and obtaining regulatory approvals.
