TotalEnergies (France) and Masdar (United Arab Emirates) have signed a binding agreement to establish a 50/50 joint venture worth $2.2 billion, which will combine their onshore renewable energy projects across nine Asian countries, including Azerbaijan.

French energy major TotalEnergies SE and Abu Dhabi-based clean energy firm Masdar have agreed to form a $2.2 billion joint venture aimed at expanding renewable energy projects across Asia.

Masdar Renewables Sourcing FZE, part of Masdar, a global clean energy leader, has engaged Sinovoltaics, a global technical advisory firm specializing in solar PV quality assurance, to support module inspection and factory audit services for two of its utility-scale solar projects in Azerbaijan, totaling more than 1GW in capacity.

Azerbaijan plans to commission 240 MW wind power plant, built by the "Masdar" company in the Absheron-Garadagh district, in 2027.

SOCAR (State Oil Company of the Republic of Azerbaijan), Masdar from the UAE, and ACWA Power of Saudi Arabia have signed a memorandum of understanding to jointly develop 3.5 gigawatts (GW) of offshore wind power projects in the Azerbaijan section of the Caspian Sea.

The UAE energy giant Masdar expects Azerbaijan to liberalize its electricity market within the next four years, Murad Sadigov, Manager of Masdar Azerbaijan Energy LLC, said on Tuesday.

UAE's Masdar is nearing a deal to acquire the Spanish renewable energy company Saeta Yield SA from Brookfield Asset Management, according to sources familiar with the discussions.

Abu Dhabi Future Energy Company PJSC – Masdar, the UAE’s clean energy leader, announced on Thursday that it has reached a definitive agreement with GEK TERNA SA and other shareholders of Terna Energy SA, with the intention to acquire initially 67% of the company’s outstanding shares at completion of the transaction, according to media reports.

By Asif Aydinli

Azerbaijan and the United Arab Emirates Masdar company have inked agreements on green energy projects with a total installed capacity of 1,000 MW.