Norton Rose Fulbright and Kinstellar have advised on a USD2.2 billion, 50-50 joint venture between UAE renewable energy company Masdar and French peer TotalEnergies to develop onshore wind, solar and battery storage projects across multiple jurisdictions in Asia.
Norton Rose, led by London-based partners Michael Alliston and Mike Knapper, who is also the head of intellectual property, Europe, Middle East and Asia, provided counsel for Masdar.
Kinstellar’s Joel Benjamin, managing partner of the Almaty and Tashkent offices, led the team alongside partners Yerlan Akhmetov and Uzbekistan-based Sherzod Yunusov, advising TotalEnergies.
On closing, the joint venture will become the companies’ exclusive platform for onshore solar, wind and battery projects in Azerbaijan, Indonesia, Japan, Kazakhstan, Malaysia, the Philippines, Singapore, South Korea and Uzbekistan.
TotalEnergies and Masdar will each contribute assets of comparable value to the joint venture, which will comprise 3GW of operational capacity and 6GW of projects in advanced development slated for 2030.
The joint venture will be headquartered at international financial centre Abu Dhabi Global Market and employ around 200 workers from both companies. The management team for the joint venture will be announced at a later date.
The closing of the agreement remains subject to regulatory approvals and conditions.
