Abu Dhabi – Mubasher: Abu Dhabi Future Energy Company (Masdar), in which Abu Dhabi National Energy Company (TAQA) holds a 43% shareholding, has signed a binding agreement with TotalEnergie to establish a 50/50 joint venture (JV).
The involved parties will merge their respective onshore renewable activities in nine countries across Asia into the JV, according to a bourse disclosure.
The agreement gives the proposed JV an enterprise value of $2.20 billion, equivalent to approximately AED 8.08 billion, whereas both companies will contribute assets of comparable value into the JV.
Once the transaction has closed, the JV will act as the exclusive sole vehicle for both companies to develop, build, own and operate onshore solar, wind and battery storage projects in Azerbaijan, Indonesia, Japan, Kazakhstan, Malaysia, Philippines, Singapore, South Korea and Uzbekistan.
Moreover, the JV will have a portfolio capacity of 3-gigawatt (GW) operational assets and 6 GW of assets in advanced development that are expected to be operational by 2030.
TAQA clarified that closing of the agreement is subject to customary third-party approvals.
It is worth noting that the listed company TAQA generated AED 7.56 billion worth of net profit in 2025, while in March 2026, Jassem Mohammed bu Ataba Al Zaabi was appointed as the Chairman for the coming three years.
