TotalEnergies, the integrated multi-energy company, and Abu Dhabi Future Energy Company (Masdar), the UAE-based global renewable energy company, have signed a binding agreement to establish a 50/50 joint venture with an investment allocation of USD 2.2 billion. The partnership will combine their onshore renewable energy businesses across nine Asian markets to meet rapidly growing electricity demand in Asia by scaling up solar, wind, and battery storage projects.

Geographic Scope and Operational Framework

Once finalized, the joint venture will serve as the exclusive platform for both companies to develop, build, own, and operate onshore renewable assets in nine countries: Azerbaijan, Indonesia, Japan, Kazakhstan, Malaysia, the Philippines, Singapore, South Korea, and Uzbekistan. The new entity is expected to hold a portfolio of 3 gigawatts of operational capacity, alongside 6 gigawatts of projects in advanced development, targeted to come online by 2030.

Both partners will contribute assets of similar value to the venture. The joint venture will be headquartered in Abu Dhabi Global Market (ADGM) and will be supported by approximately 200 employees drawn from both companies. The management team is set to be announced at a later stage.

Regulatory and Completion Requirements

Completion of the transaction remains subject to regulatory approvals and customary closing conditions. The binding agreement was signed, establishing the framework for this significant renewable energy partnership in the Asian market.

Previous Collaboration History

TotalEnergies and Masdar have previously collaborated on renewable energy projects and strategic agreements focused on solar and wind development, particularly in emerging markets, as part of their broader efforts to expand clean energy portfolios and support the global energy transition. This new joint venture represents an expansion of their existing partnership into a more comprehensive regional platform for Asian renewable energy development.

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