TotalEnergies, a global integrated multi-energy company, and Abu Dhabi Future Energy Company PJSC – Masdar, one of the world’s leading clean energy developers, have signed a binding agreement to create a new joint venture worth $2.2 billion. This partnership, structured as a 50/50 joint venture, will bring together both companies’ onshore renewable energy activities across nine countries in Asia. The aim is to pool expertise, investment strength and operational capabilities to accelerate the development of large-scale renewable energy projects across the region.
With electricity demand growing rapidly across Asia, the new joint venture is designed to deliver renewable power at the scale and pace required to meet rising needs. Once the transaction is completed, the JV will serve as the exclusive platform 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 joint venture will start with an initial portfolio of 3 GW of operational renewable energy assets. It will also include 6 GW of projects in advanced stages of development that are expected to become operational by 2030. Both TotalEnergies and Masdar will contribute assets of similar value to form the foundation of this combined portfolio.
His Excellency Dr. Sultan Al Jaber, UAE Minister of Industry and Advanced Technology and Chairman of Masdar, highlighted the significance of the partnership. He stated that the UAE has built a strong global reputation for leadership in the energy sector by delivering large-scale projects, investing with long-term commitment, and forming strong, lasting partnerships.
He noted that Masdar has been a pioneer in advancing renewable energy in Central Asia and the Caucasus, and continues to expand in some of Asia-Pacific’s most promising growth markets. He emphasised that as Asia becomes the main driver of global electricity demand this decade, collaborating with TotalEnergies will help accelerate Masdar’s progress across the continent and open new opportunities to deliver reliable and competitive clean energy solutions.
Patrick Pouyanné, Chairman and CEO of TotalEnergies, also expressed strong support for the agreement. He explained that the partnership unites two major renewable energy players with the shared ambition of creating a leading renewable energy platform in Asia. According to him, combining the strengths and experience of both companies will allow them to secure strong positions in key markets and generate more value collectively than they could by acting independently. He added that the agreement aligns fully with the renewable energy strategy of TotalEnergies’ Integrated Power business and further strengthens the long-standing relationship between TotalEnergies and the United Arab Emirates.
Mohamed Jameel Al Ramahi, CEO of Masdar, said that the joint venture reinforces Abu Dhabi’s role as a global centre for energy leadership. He explained that the collaboration will expand and diversify Masdar’s portfolio by unlocking new growth opportunities across high-potential Asian markets. Working alongside a partner with similar values and ambitions, he noted, will help accelerate development and increase the long-term value of Masdar’s existing projects.
The joint venture will be headquartered in the Abu Dhabi Global Market (ADGM) and will employ around 200 people drawn from both TotalEnergies and Masdar. The leadership team for the new entity will be announced later. The closing of the transaction remains subject to regulatory approvals and the fulfilment of other required conditions.
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