TotalEnergies and Masdar have signed a binding agreement to establish a $2.2 billion joint venture aimed at accelerating the development of renewable energy projects across Asia, combining their onshore solar, wind and battery storage portfolios across nine countries.
$2.2bn renewable energy joint venture announced
The 50/50 partnership between TotalEnergies and Masdar will merge the companies’ onshore renewable activities in key Asian markets, creating a new platform headquartered in Abu Dhabi to support the region’s rapidly growing electricity demand.
The agreement will establish a new renewable energy platform with a combined portfolio of 3 GW of operational capacity and 6 GW of projects in advanced development, expected to become operational by 2030.
Each company will contribute assets of comparable value to the venture. Once the transaction closes, the new entity will serve as the sole vehicle for developing, building, owning and operating onshore solar, wind and battery storage projects for both partners in selected Asian markets.
The joint venture will be headquartered in Abu Dhabi Global Market (ADGM) and is expected to employ around 200 staff from both companies.
Renewable energy expansion across nine Asian markets
The partnership will focus on renewable projects across nine countries in Asia:
- Azerbaijan
- Indonesia
- Japan
- Kazakhstan
- Malaysia
- Philippines
- Singapore
- South Korea
- Uzbekistan
The new platform is intended to help the companies capture the region’s rising electricity demand while accelerating renewable deployment.
Responding to rising electricity demand in Asia
Asia is expected to be a major driver of global electricity demand growth in the coming years, creating opportunities for large-scale renewable power development.
His Excellency Sultan Al Jaber, UAE Minister of Industry and Advanced Technology and Chairman of Masdar, said the partnership builds on the UAE’s track record in global energy investment.
“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 Caucuses, 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,” said His Excellency Dr, Sultan Al Jaber, UAE Minister of Industry and Advanced Technology and Chairman of Masdar.
Strategic partnership for renewable growth
Executives from both companies said the joint venture will combine expertise and resources to expand renewable energy development across Asia.
Patrick Pouyanné, Chairman and CEO of TotalEnergies, said the collaboration will strengthen the company’s position in renewable power markets.
“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,” said Patrick Pouyanné, Chairman and CEO of TotalEnergies.
Portfolio diversification and energy transition
The joint venture will also expand Masdar’s renewable portfolio while supporting the company’s international growth strategy.
Mohamed Jameel Al Ramahi, CEO of Masdar, said the collaboration strengthens Abu Dhabi’s role in global energy development.
“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.” said Mohamed Jameel Al Ramahi, CEO of Masdar.
Sustainability and clean energy transition
The partnership is designed to support the deployment of renewable power at scale across Asia as the region’s electricity demand continues to increase.
By combining their existing renewable portfolios and development pipelines, TotalEnergies and Masdar aim to expand solar, wind and battery storage projects in the region while accelerating the transition to low-carbon electricity generation.
This article was produced by the editorial team at APAC Outlook and published as part of the Outlook Publishing global network of B2B industry magazines.
Outlook Publishing delivers industry insights, company stories, and sector coverage across manufacturing, mining, construction, healthcare, supply chains, food production, and sustainability.
APAC Outlook provides ongoing coverage of organisations and developments shaping industries across the Asia-Pacific region.
