- US$2.2bn JV will combine onshore renewable portfolios across nine Asian markets.
- Initial capacity includes 3 GW operational and 6 GW in advanced development.
- Platform targets rapid expansion to meet rising electricity demand in Asia.
TotalEnergies and Masdar have signed a binding agreement to establish a US$2.2bn 50 by 50 joint venture to consolidate their onshore renewable energy activities across Asia, marking a significant step in scaling clean energy deployment in high growth markets.
The new entity will serve as the exclusive platform for both companies to develop, build, own and operate onshore solar, wind and battery storage projects across Azerbaijan, Indonesia, Japan, Kazakhstan, Malaysia, the Philippines, Singapore, South Korea and Uzbekistan. The move comes as electricity demand across Asia continues to accelerate, positioning the partnership to deliver projects at scale and pace.
The joint venture will launch with a combined portfolio of 3 GW of operational capacity and a further 6 GW of projects in advanced stages of development, expected to come online by 2030. Both partners will contribute assets of similar value, reinforcing a balanced structure aimed at long term growth.
Sultan Ahmed Al Jaber, Minister of Industry and Advanced Technology in the UAE and Chairman of Masdar, said the agreement reflects the UAE’s approach to energy leadership through strategic partnerships and large scale investment. He noted that Asia is expected to drive global electricity demand growth this decade and that the collaboration will support the delivery of competitive and reliable energy solutions across the region.
Patrick Pouyanné, Chairman and CEO of TotalEnergies, described the partnership as an opportunity to combine the strengths of two major renewable energy players. He said the joint venture will enable both companies to secure stronger market positions and create greater value than operating independently, while aligning with TotalEnergies’ integrated power strategy.
Mohamed Jameel Al Ramahi, CEO of Masdar, added that the venture strengthens Abu Dhabi’s position as a global energy hub and enhances Masdar’s portfolio by expanding into high growth markets while accelerating development in existing ones.
Image credit: TotalEnergies
The joint venture will be headquartered in Abu Dhabi Global Market and is expected to employ around 200 staff drawn from both companies. The leadership team will be announced at a later stage.
Completion of the transaction remains subject to regulatory approvals and customary conditions.
Author: Bryan Groenendaal
