Masdar, TotalEnergies Sign $2.2bn Renewable JV Deal in Asia

A $2.2bn agreement between Masdar and TotalEnergies has formalised the creation of a joint venture aimed at consolidating their onshore renewable operations across nine Asian markets. Structured as a 50/50 partnership, the JV deal will bring together both companies’ existing portfolios and development pipelines into a single operating platform. The projects will span Azerbaijan, Kazakhstan, Malaysia, Indonesia, Japan, the Philippines, South Korea, Singapore, and Uzbekistan, reflecting a broad regional footprint aligned with rising electricity demand.

The new entity is designed to streamline the development, construction, ownership and operation of solar, wind, and battery storage assets. By pooling capital resources and technical expertise, the JV deal partners intend to accelerate deployment and strengthen their competitive position across high-growth markets. Upon completion, the platform will act as the exclusive vehicle for both companies’ onshore renewable energy activities in the region. The venture will include 3GW of operational assets alongside an additional 6GW of projects currently in advanced stages, with commissioning targeted by 2030.

Commenting on the agreement, Masdar CEO Mohamed Jameel Al Ramahi said: “This joint venture reinforces Abu Dhabi’s status as a global center for energy leadership, combining 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.” Both partners will contribute assets of comparable value to the venture, ensuring balance in ownership and operational input.

The headquarters of the joint venture will be located within Abu Dhabi Global Market, with a workforce of approximately 200 employees drawn from both organisations. The agreement remains subject to regulatory clearances and customary closing conditions. Patrick Pouyanné, chairman and CEO of TotalEnergies, stated: “We are delighted with the signing of this agreement with Masdar, which brings together two major renewable players to build a renewable champion in Asia. 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.”