TotalEnergies and Masdar have signed a binding agreement to establish a $2.2 billion 50/50 joint venture (JV) to consolidate and expand their onshore renewable energy operations across Asia.
The JV will serve as the exclusive platform for both companies to develop, build, own, and operate onshore solar, wind, and battery storage projects across nine countries: Azerbaijan, Indonesia, Japan, Kazakhstan, Malaysia, the Philippines, Singapore, South Korea, and Uzbekistan.
Upon completion, the JV will hold a combined portfolio of 3 GW of operational assets and an additional 6 GW in advanced development, with projects expected to be commissioned by 2030. Both partners will contribute assets of comparable value to the platform.
The initiative comes amid rapidly growing electricity demand across Asia, positioning the JV to deliver renewable energy solutions at scale. The partnership is expected to leverage the combined financial strength, technical expertise, and regional presence of both companies to accelerate clean energy deployment.
The JV will be headquartered at the Abu Dhabi Global Market (ADGM) and will initially be staffed by around 200 employees from both organisations. The management team is expected to be announced at a later stage.
Officials from both companies highlighted that the collaboration will strengthen their presence in high-growth Asian markets while enhancing value creation through a unified development approach.
The transaction remains subject to regulatory approvals and customary closing conditions.
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