Abu Dhabi Future Energy Company PJSC – Masdar and TotalEnergies have signed a binding agreement to establish a major Abu Dhabi-based joint venture (JV) valued at AED 8 billion, aimed at accelerating renewable energy development across Asia.

The partnership will operate as a 50/50 JV and will consolidate both companies’ onshore renewable energy businesses in nine key Asian markets, including Azerbaijan, Indonesia, Japan, Kazakhstan, Malaysia, the Philippines, Singapore, South Korea, and Uzbekistan.

Strategic Focus and Expansion Plans

The newly formed entity will serve as the exclusive platform for developing, constructing, owning, and operating onshore solar, wind, and battery storage projects in the region.

Once operational, the JV will manage a combined portfolio of:

• 3 gigawatts (GW) of currently operational assets

• 6 GW of projects under advanced development, expected to be completed by 2030

Both companies will contribute assets of equal value, ensuring balanced ownership and operational control.

Leadership Vision and Market Impact

According to Sultan Ahmed Al Jaber, Chairman of Masdar and UAE Minister of Industry and Advanced Technology, the partnership reflects the UAE’s long-term strategy of investing in scalable and sustainable energy solutions. He highlighted Asia as a key driver of global electricity demand growth in the coming decade.

Patrick Pouyanné, Chairman and CEO of TotalEnergies, emphasized that the collaboration will strengthen both companies’ presence in fast-growing Asian energy markets while creating greater value through combined expertise.

Meanwhile, Mohamed Jameel Al Ramahi noted that the JV will enhance Masdar’s global portfolio and reinforce Abu Dhabi’s position as a leading hub for clean energy innovation.

Operational Setup

The joint venture will be headquartered in Abu Dhabi Global Market and is expected to employ around 200 professionals from both companies. The leadership team for the JV will be announced in the near future.

The agreement is currently subject to regulatory approvals and standard closing conditions. Once finalized, the JV is expected to play a significant role in scaling renewable energy infrastructure across Asia, supporting the region’s transition to cleaner and more sustainable power sources.