TotalEnergies, the global multi-energy giant, and Abu Dhabi Future Energy Company PJSC – Masdar, a leading clean energy player, have signed a binding agreement to create a $2.2 billion, 50/50 joint venture (JV) that will merge their onshore renewable projects across nine Asian countries.
The partnership comes as electricity demand in Asia surges, aiming to deliver solar, wind, and battery storage projects at unprecedented scale and speed. Once finalized, the JV will serve as the exclusive vehicle for both companies to develop, build, own, and operate renewable energy projects in Azerbaijan, Indonesia, Japan, Kazakhstan, Malaysia, the Philippines, Singapore, South Korea, and Uzbekistan.
The JV will launch with a portfolio of 3 GW of operational assets and 6 GW in advanced development, all expected to be operational by 2030. Each partner will contribute assets of comparable value.
“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 Sultan Al Jaber, UAE Minister of Industry and Advanced Technology and Chairman of Masdar.
“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.
“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.
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