Masdar and TotalEnergies have entered into a binding agreement to create a $2.2bn joint venture (JV) that will combine their onshore renewable energy activities in nine Asian countries under a 50/50 ownership structure.
As electricity demand rises in Asia, the two companies plan to combine funding and technical capabilities through the new partnership to expand renewable generation.
Go deeper with GlobalData
Discover B2B Marketing That Performs
Combine business intelligence and editorial excellence to reach engaged professionals across 36 leading media platforms.
After the deal closes, the JV will serve as the sole platform for both firms to develop, construct, own and operate onshore solar, wind and battery storage projects.
The projects will be located in Azerbaijan, Kazakhstan, Malaysia, Indonesia, Japan, the Philippines, South Korea, Singapore, and Uzbekistan.
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.”
The venture’s portfolio will include 3GW of operating assets and a further 6GW of projects in advanced development, which the partners intend to bring into operation by 2030.
TotalEnergies and Masdar will each contribute assets of similar value to the new entity.
The new entity will have its headquarters in Abu Dhabi Global Market (ADGM) and employ about 200 staff drawn from TotalEnergies and Masdar.
The JV remains subject to regulatory approvals and other closing conditions.
TotalEnergies chairman and CEO Patrick Pouyanné said: “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.”
In January 2026, Masdar and Octopus Energy signed two agreements to collaborate on clean energy systems in the UK and Africa.
