TotalEnergies, Masdar launch $2.2B renewable energy JV

The joint venture, in which both parties will hold equal stakes, will combine the existing onshore energy assets of the two companies into a single platform for the development, construction, ownership, and operation of solar, wind, and battery storage projects.

This move comes at a time when Asia is facing heightened electricity demand and an energy crisis due to regional geopolitical tensions, with countries implementing measures such as national emergency declarations, four-day workweeks, and fuel distribution restrictions. The new joint venture is expected to reduce the region’s reliance on unstable fossil fuel imports.

The UAE Minister of Industry and Advanced Technology and Chairman of Masdar, Sultan Al-Jaber, highlighted the country’s expertise in large-scale energy investments: “Asia will be the key driver of global electricity demand this decade, and this collaboration with TotalEnergies will accelerate our progress on the continent,” he stated.

The joint venture will cover nine markets: Azerbaijan, Indonesia, Japan, Kazakhstan, Malaysia, the Philippines, Singapore, South Korea, and Uzbekistan. It is intended to serve as a central platform for all onshore renewable projects of the two companies in the region, combining capital and expertise for faster and more efficient execution.

The joint venture will begin with 3 GW of operational projects, while an additional 6 GW are at an advanced development stage and expected to be operational by 2030. Each company will contribute assets of equivalent value.

Patrick Pouyanné, Chairman and CEO of TotalEnergies, described the agreement as an opportunity to create a “renewables leader in Asia,” noting that the joint venture will secure a stronger market position than either company could achieve individually. Mohamed Jameel Al-Ramahi, CEO of Masdar, emphasized that the joint venture strengthens Abu Dhabi’s role as a global energy hub, expands Masdar’s portfolio, and opens new opportunities in Asia’s rapidly growing markets.

The new joint venture will be headquartered at Abu Dhabi Global Market, employing approximately 200 staff from both companies, with the full management team to be announced at a later date. This initiative marks a significant step in both TotalEnergies’ energy transition and Masdar’s strategic expansion into high-demand markets, promoting sustainable development across Asia.