Masdar and TotalEnergies to merge onshore assets in Asia

Abu Dhabi National Energy Co (Taqa) said that Masdar and France’s TotalEnergies have agreed to merge their onshore renewable operations in nine countries across Asia.

The proposed joint venture will be equally owned by Masdar and TotalEnergies and will have an enterprise value of $2.2 billion (AED 8.08 billion), Taqa said in a statement to the Abu Dhabi Securities Exchange on Thursday.

Taqa owns a 43 percent stake in Masdar, the UAE’s renewables company. Abu Dhabi’s Mubadala owns 33 percent, while Abu Dhabi National Oil Company (Adnoc) holds the remaining 24 percent stake.

Once the transaction has closed, the joint venture will be responsible for developing, building, owning and operating onshore solar, wind and battery storage projects in Azerbaijan, Indonesia, Japan, Kazakhstan, Malaysia, Philippines, Singapore, South Korea and Uzbekistan. 

The joint venture will have a portfolio capacity of 3 gigawatts (GW) of operational assets and 6GW of assets in advanced development, expected to be operational by 2030.

In January, Masdar chairman Sultan Al Jaber said its global capacity had reached 65GW and that it was heading towards 100GW by 2030.

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• Adnoc and Masdar look at Germany for new energy ventures
• Masdar weighs stake in TotalEnergies’ Portuguese assets

Taqa said its bottom line for 2025 rose nearly 6 percent to AED7.5 billion ($2 billion) in February, while revenue remained steady at AED55 billion. Capital expenditure jumped by about half to almost AED15 billion.

State-run Abu Dhabi Power Corporation owns 90 percent of Taqa.

The company’s shares closed 1.6 percent lower at AED2.39 on the Abu Dhabi Securities Exchange on Wednesday April 1. The stock is down 29 percent in the year to date.