Dubai, UAE — Masdar and TotalEnergies have signed a binding agreement to establish a $2.2 billion 50/50 joint venture aimed at expanding onshore renewable energy across Asia.
The partnership will consolidate both companies’ onshore solar, wind, and battery storage operations across nine countries: Azerbaijan, Indonesia, Japan, Kazakhstan, Malaysia, the Philippines, Singapore, the Republic of Korea, and Uzbekistan. Once completed, the joint venture will become the exclusive platform for developing, building, owning, and operating these assets in the region.
The move comes as electricity demand surges across Asia, positioning the JV to deploy renewable energy at scale and speed. The combined portfolio will include 3 GW of operational assets and a further 6 GW in advanced development, expected to come online by 2030. Both companies will contribute assets of comparable value.
Sultan Al Jaber said the agreement reflects the UAE’s strategy of scaling energy investments through long-term partnerships, adding that Asia will drive global electricity demand growth this decade. He noted that the collaboration would accelerate clean energy deployment across key growth markets.
Masdar CEO Mohamed Jameel Al Ramahi said the JV strengthens Abu Dhabi’s position as a global energy hub while diversifying the company’s portfolio in high-growth markets.
Meanwhile, Patrick Pouyanné described the venture as a step toward building a “renewable champion” in Asia, aligning with the company’s broader integrated power strategy and deepening its longstanding relationship with the UAE.
The joint venture will be headquartered in Abu Dhabi Global Market and is expected to employ around 200 people from both organizations. Its management team will be announced at a later stage.
The transaction remains subject to regulatory approvals and customary closing conditions.