Abu dhabi: Abu Dhabi Future Energy Company PJSC - Masdar, a global clean energy leader, and TotalEnergies, a global integrated multi-energy company, have signed a binding agreement to establish a $2.2 billion 50/50 joint venture (JV) that will merge their onshore renewable activities in nine countries across Asia.
According to Emirates News Agency, as electricity demand accelerates across Asia, this partnership brings together capital and expertise to deliver renewable energy at the scale and speed required. Once the transaction is closed, the JV 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, the Republic of Korea, and Uzbekistan.
The JV will have a portfolio capacity of 3 GW of operational assets and 6 GW of assets in advanced development that are expected to be operational by 2030. Each partner will contribute assets of comparable value. Dr. Sultan Al Jaber, Minister of Industry and Advanced Technology and Chairman of Masdar, highlighted the UAE's role as a global energy leader and emphasized that Masdar epitomizes this approach. He noted the collaboration with TotalEnergies as a means to accelerate progress across Asia, unlocking new opportunities for competitive, reliable energy solutions.
Mohamed Jameel Al Ramahi, CEO of Masdar, stated the joint venture reinforces Abu Dhabi's status as a global center for energy leadership. He emphasized that the JV strengthens and diversifies Masdar's portfolio, unlocking new opportunities in attractive, high-growth markets while bringing in a like-minded partner to accelerate growth.
Patrick Pouyann©, Chairman and CEO of TotalEnergies, expressed delight at the signing of the agreement with Masdar. He highlighted the collaboration as a way to combine the strengths of both companies to secure significant positions in these markets and create more value than acting alone. The agreement aligns with TotalEnergies' renewable energy strategy in their Integrated Power business and deepens the long-standing relationship between the United Arab Emirates and TotalEnergies.
The JV, which will be headquartered in Abu Dhabi Global Market (ADGM), will be staffed by around 200 employees from both TotalEnergies and Masdar. The management team for the JV will be announced at a future date. The closing of the agreement is subject to regulatory approvals and conditions.
