TotalEnergies and Masdar to accelerate renewable energy growth in Asia with $2.2 billion JV
TotalEnergies and Abu Dhabi’s future energy company Masdar have signed a binding agreement to establish a $2.2bn 50/50 joint venture that will merge their onshore renewable activities in nine countries across Asia.
The partnership comes as electricity demand accelerates across the region and brings together capital and expertise to deliver renewable energy at the scale and speed needed.
Platform to capture Asia’s energy growth
Each company will contribute assets of comparable value, totalling 3GW of operational capacity and 6GW under advanced development.
The JV, to be headquartered in Abu Dhabi Global Market (ADGM), will act as both companies’ sole vehicle for developing, building, owning and operating onshore solar, wind and battery storage projects in Azerbaijan, Indonesia, Japan, Kazakhstan, Malaysia, the Philippines, Singapore, South Korea, and Uzbekistan.
The JV brings together a global clean energy leader and a global integrated multi‑energy company and positions the partners to capture Asia’s growing electricity demand.
It will have a portfolio capacity of 3GW of operational assets and 6GW of assets in advanced development that are expected to be operational by 2030.
Expertise and scale to meet demand
His Excellency Dr. Sultan Al Jaber, UAE Minister of Industry and Advanced Technology and Chairman of Masdar, welcomed the transaction.
“The UAE has established itself as a global energy leader by delivering at scale, investing with conviction, and building partnerships that endure. Masdar epitomises that approach,” he said.
“We are proud to have pioneered renewable energy deployment in Central Asia and the Caucuses, and we have an expanding portfolio in some of the most attractive growth markets in Asia-Pacific.”
H.E. Dr. Al Jaber continued: “Asia will be the main driver of global electricity demand growth this decade, and this collaboration with TotalEnergies will accelerate our progress across the continent, unlocking new opportunities to deliver the competitive, reliable energy solutions that our partners and customers need.”
Strength from partnership
Patrick Pouyanné, Chairman and CEO of TotalEnergies, was also delighted with an agreement with Masdar which he said “brings together two major renewable players to build a renewable champion in Asia”.
He commented: “It will allow us to combine the strengths of our two companies to secure significant positions in these markets and create more value than if we were acting alone.
“This agreement is fully in line with the renewable energy strategy of our Integrated Power business. We are also pleased to further deepen, in this area, the long-standing relationship between the United Arab Emirates and TotalEnergies.”
Mohamed Jameel Al Ramahi, CEO of Masdar (Abu Dhabi Future Energy Company PJSC), said the JV reinforces Abu Dhabi’s status as a “global centre for energy leadership”, and combines the expertise of Masdar and TotalEnergies to drive renewable energy deployment across Asia.
“For Masdar, this JV strengthens and diversifies our portfolio, unlocking new opportunities in attractive, high-growth markets, while bringing in a like-minded partner to accelerate growth and deliver additional value in our existing markets,” he added.
The JV will be staffed by about 200 employees from both TotalEnergies and Masdar and the management team will be announced at a future date.
The closing of the agreement is subject to regulatory approvals and conditions.
