TotalEnergies, Masdar to Merge Green Assets in Nine Nations

TotalEnergies SE and Abu Dhabi’s Masdar agreed to pool their onshore renewable energy assets in nine Asian countries, betting on growing demand for clean power just as the Iran war boosts oil and gas costs.

The French oil giant and the Emirati renewable firm will share development and operating costs for solar, wind and battery projects in countries from Kazakhstan to Indonesia and Japan. The joint venture — with an enterprise value of $2.2 billion — will have 3 gigawatts of operating assets and another 6 gigawatts that are expected to be operational by 2030, the companies said in a joint statement Thursday.