The European Commission has approved the creation of a €1.89 billion joint venture between France’s TotalEnergies and the United Arab Emirates’ Masdar. The approval, granted under the EU Merger Regulation via a streamlined review, concluded that the partnership would not raise competition concerns in the European Economic Area given its limited local impact.
The joint venture, referred to as JV HoldCo, will be incorporated in the UAE and will consolidate the onshore renewable‑energy activities of the two companies in nine Asia‑Pacific markets, namely Azerbaijan, Indonesia, Japan, Kazakhstan, Malaysia, the Philippines, Singapore, South Korea and Uzbekistan. Each company holds a 50 % stake.
The JV will focus on the development, construction, financing, operation and maintenance of large‑scale solar photovoltaic plants (excluding commercial and industrial rooftop installations), onshore wind farms and battery‑storage projects. At launch it will own a 3 GW portfolio of operational assets and a pipeline of 6 GW in advanced development, expected to be commissioned by 2030.
The organisation will be headquartered at Abu Dhabi Global Market and staffed by roughly 200 employees drawn from both parent companies. The partnership represents a strategic alignment of TotalEnergies’ global renewable‑energy expertise with Masdar’s sustainability focus, reinforcing their long‑term commitment to clean‑energy innovation across the selected markets.
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