Masdar, TotalEnergies Launch $2.2bn Asia Clean Energy JV

Abu Dhabi Future Energy Company PJSC – Masdar and TotalEnergies have entered into a binding agreement to establish a $2.2 billion joint venture aimed at accelerating renewable energy deployment across Asia.

The partnership, structured as a 50/50 joint venture, will consolidate both companies’ onshore renewable energy operations in nine key markets: Azerbaijan, Indonesia, Japan, Kazakhstan, Malaysia, the Philippines, Singapore, South Korea, and Uzbekistan.

With electricity demand rapidly increasing across Asia, the collaboration is designed to combine financial strength and technical expertise to deliver renewable energy solutions at scale. Once the deal is finalized, the joint venture will serve as the exclusive platform for both companies to develop, construct, own, and operate onshore solar, wind, and battery storage projects in these regions.

The new entity is expected to manage a total portfolio of 3 gigawatts (GW) of operational assets, alongside an additional 6GW in advanced development stages, with completion targeted by 2030. Both partners will contribute assets of equivalent value to the venture.

Dr. Sultan Al Jaber, UAE Minister of Industry and Advanced Technology and Chairman of Masdar, highlighted the strategic importance of the deal, stating that Asia will be the primary driver of global electricity demand growth in the coming decade. He emphasized that the partnership will help unlock new opportunities and deliver reliable, competitive energy solutions across high-growth markets.

Masdar CEO Mohamed Jameel Al Ramahi noted that the agreement strengthens Abu Dhabi’s position as a global energy leader, while also enhancing Masdar’s portfolio and accelerating its expansion in Asia with a strong international partner.

Meanwhile, Patrick Pouyanné, Chairman and CEO of TotalEnergies, described the joint venture as a major step toward building a leading renewable energy platform in Asia. He added that the collaboration aligns with the company’s broader strategy to expand its integrated power business and deepen its long-standing relationship with the UAE.

The joint venture will be headquartered in Abu Dhabi Global Market (ADGM) and is expected to employ around 200 professionals from both companies. Leadership appointments for the new entity will be announced at a later stage.

The completion of the agreement remains subject to regulatory approvals and standard closing conditions.