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TotalEnergies, Abu Dhabi's Masdar Receive EU Approval for Renewable Energy JV

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French energy giant TotalEnergies (TTE) and the Abu Dhabi Future Energy, also known as Masdar, received the European Commission's approval for the creation of a joint venture, primarily aimed at renewable energy activities in the Asia-Pacific region.

The joint venture was approved under the EU's merger regulation, with the commission concluding that it was unlikely to raise competition concerns, since it had little to do with the European Economic Area.

According to the notice shared by the EU, the two companies are set to be engaged in "the development, financing, construction, operation, management and maintenance" of utility-scale solar power plants, onshore wind, and battery storage projects.

The projects will be primarily located across Azerbaijan, Indonesia, Japan, Kazakhstan, Malaysia, the Philippines, Singapore, South Korea, and Uzbekistan, thus having little impact, if any, on European markets.

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Oil & Energy

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