The Masdar TotalEnergies joint venture has been officially agreed by France’s TotalEnergies and the UAE’s Masdar to expand renewable energy across Asia. The two companies signed a binding $2.2 billion agreement to create a 50:50 renewable energy partnership that will merge their onshore solar, wind, and battery storage operations.
Joint platform combines assets and pipeline
The new joint venture will start with about 3 gigawatts (GW) of existing renewable energy capacity and a further 6 GW of projects in advanced stages of development. These assets are expected to become operational by 2030, helping both partners meet the rising demand for clean power in the region.
The platform will act as the exclusive vehicle for both companies to develop, build, own and operate onshore renewable energy projects in nine Asian countries.
Operations span nine Asian markets
The partnership covers a broad list of markets where demand for electricity is growing rapidly. The Masdar TotalEnergies joint venture will operate in:
- Azerbaijan
- Indonesia
- Japan
- Kazakhstan
- Malaysia
- Philippines
- Singapore
- South Korea
- Uzbekistan
This spread gives the new entity access to both established and emerging renewable power markets across Central, Southeast, and East Asia.
Leadership and structure
The headquarters of the venture will be based in Abu Dhabi Global Market (ADGM) in the United Arab Emirates. Around 200 employees from both Masdar and TotalEnergies are expected to work for the new company. A dedicated management team will be announced after regulatory approvals are completed.
Both companies will contribute assets of similar value and share decision-making equally, reflecting their 50% ownership in the venture.
Deal conditions and strategic goals
The agreement is still subject to customary regulatory approvals and other closing conditions before it becomes fully operational.
Executives from both TotalEnergies and Masdar say the partnership will strengthen their competitive positions in Asia’s fast-growing clean energy market. By combining their capital and experience, they aim to accelerate project development and deliver renewable power at a greater scale and speed across the region.
