TotalEnergies and Masdar form $2.2 billion JV to expand renewable energy portfolio across Asia, targeting 9 GW capacity by 2030.
TotalEnergies and Masdar have entered into a binding agreement to establish a $2.2 billion joint venture aimed at accelerating renewable energy expansion across Asia. The partnership will be structured as a 50/50 collaboration, combining their respective onshore renewable energy portfolios across nine Asian markets.
This strategic alliance comes at a time when electricity demand across Asia is rising rapidly, driven by economic growth, urbanization, and industrial expansion. By pooling financial resources, technical expertise, and regional experience, both companies aim to scale up renewable energy deployment efficiently and at pace. Following the completion of the transaction, the joint venture will become the exclusive platform through which both partners will develop, construct, own, and operate onshore renewable energy projects, including solar, wind, and battery storage facilities.
The joint venture will operate across a geographically diverse set of countries, including Azerbaijan, Indonesia, Japan, Kazakhstan, Malaysia, the Philippines, Singapore, South Korea, and Uzbekistan. These markets have been identified as high-growth regions with strong demand for sustainable energy solutions. The collaboration is expected to enhance project execution capabilities and strengthen both companies’ positions in the Asia-Pacific renewable energy sector.
At inception, the joint venture will manage a combined portfolio of approximately 3 gigawatts (GW) of operational renewable energy assets. In addition, it will oversee a development pipeline of around 6 GW of projects that are currently in advanced stages and are targeted for completion by 2030. Both TotalEnergies and Masdar will contribute assets of comparable value, ensuring a balanced and equitable partnership.
Senior leadership from both organizations emphasized the strategic importance of the agreement. His Excellency Dr. Sultan Al Jaber, Chairman of Masdar and UAE Minister of Industry and Advanced Technology, highlighted the UAE’s growing influence in global energy markets and its commitment to building long-term partnerships. He noted that Asia is expected to be the primary driver of global electricity demand growth in the coming decade, making it a critical region for renewable energy investments.
Patrick Pouyanné, Chairman and CEO of TotalEnergies, expressed enthusiasm about the collaboration, describing it as an opportunity to create a major renewable energy player in Asia. He stated that the joint venture aligns with the company’s broader integrated power strategy and reinforces its long-standing relationship with the United Arab Emirates.
Masdar CEO Mohamed Jameel Al Ramahi also underscored the significance of the partnership, noting that it strengthens Masdar’s portfolio while opening new avenues for growth in high-potential markets. He emphasized that working with a like-minded partner such as TotalEnergies will accelerate project development and enhance value creation.
The joint venture will be headquartered in Abu Dhabi Global Market (ADGM) and is expected to employ around 200 professionals drawn from both organizations. Details regarding the management structure will be announced at a later stage. The completion of the agreement remains subject to regulatory approvals and customary closing conditions.
