TotalEnergies, a global integrated multi-energy company, and Abu Dhabi Future Energy Company PJSC (Masdar) have signed a binding agreement to establish a $2.2 billion, 50×50 joint venture (JV) that will consolidate their onshore renewable energy operations across nine countries in Asia.
The new JV will serve as the exclusive vehicle for both companies to develop, build, own, and operate onshore solar, wind, and battery storage projects in Azerbaijan, Indonesia, Japan, Kazakhstan, Malaysia, the Philippines, Singapore, South Korea, and Uzbekistan.
The partnership combines financial strength, technical expertise, and regional experience to address the rapidly growing electricity demand in Asia.
Upon closing, the JV will oversee a portfolio comprising 3 gigawatts (GW) of operational assets and 6 GW of advanced development projects, expected to be fully operational by 2030. Each partner will contribute assets of comparable value, ensuring an equal stake and shared strategic direction.
HE Dr. Sultan Al Jaber, UAE Minister of Industry and Advanced Technology and Chairman of Masdar, highlighted that, “The UAE has established itself as a global energy leader by delivering at scale, investing with conviction, and building partnerships that endure. Masdar epitomizes that approach. We are proud to have pioneered renewable energy deployment in Central Asia and the Caucasus, and we have an expanding portfolio in some of the most attractive growth markets in Asia-Pacific. Asia will be the main driver of global electricity demand growth this decade, and this collaboration with TotalEnergies will accelerate our progress across the continent, unlocking new opportunities to deliver the competitive, reliable energy solutions that our partners and customers need.”
Patrick Pouyanné Chairman and CEO TotalEnergies
“We are delighted with the signing of this agreement with Masdar, which brings together two major renewable players to build a renewable champion in Asia. It will allow us to combine the strengths of our two companies to secure significant positions in these markets and create more value than if we were acting alone. This agreement is fully in line with the renewable energy strategy of our Integrated Power business. We are also pleased to further deepen, in this area, the long-standing relationship between the United Arab Emirates and TotalEnergies.”
Mohamed Jameel Al Ramahi, CEO of Masdar, added that, “This joint venture reinforces Abu Dhabi’s status as a global center for energy leadership, combining the expertise of Masdar and TotalEnergies to drive renewable energy deployment across Asia. For Masdar, this JV strengthens and diversifies our portfolio, unlocking new opportunities in attractive, high-growth markets, while bringing in a like-minded partner to accelerate growth and deliver additional value in our existing markets.”
