PARIS, France and ABU DHABI, UAE, Apr 10, 2026 – TotalEnergies and Masdar have signed a $2.2 billion binding agreement to form a 50-50 joint venture (JV). The venture will combine their onshore renewable operations across nine countries in Asia.
TotalEnergies and Masdar will combine capital and project execution capabilities to develop onshore renewable assets across Asia. After the transaction closes, the JV will serve as the sole entity for developing, building, owning, and operating onshore solar, wind, and battery storage projects in Azerbaijan, Indonesia, Japan, Kazakhstan, Malaysia, the Philippines, Singapore, South Korea, and Uzbekistan.
The JV will include 3GW of operational capacity and 6GW of projects in advanced development, with commissioning expected by 2030. Each company will contribute assets of comparable value.
“The UAE has established itself as a global energy leader by delivering at scale, investing with conviction, and building partnerships that endure. Masdar epitomizes that approach. We are proud to have pioneered renewable energy deployment in Central Asia and the Caucuses, and we have an expanding portfolio in some of the most attractive growth markets in Asia-Pacific. Asia will be the main driver of global electricity demand growth this decade, and this collaboration with TotalEnergies will accelerate our progress across the continent, unlocking new opportunities to deliver the competitive, reliable energy solutions that our partners and customers need,” said His Excellency Dr, Sultan Al Jaber, UAE minister of industry and advanced technology and chairman of Masdar.
“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,” said Patrick Pouyanné, chairman and CEO of TotalEnergies.
“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.” said Mohamed Jameel Al Ramahi, CEO of Masdar.
The JV will be headquartered in Abu Dhabi Global Market (ADGM) and staffed by about 200 employees from both TotalEnergies and Masdar. The management team for the JV will be named at a later date.
Source: TotalEnergies
About Masdar
Masdar develops, invests in, and operates renewable energy projects worldwide. The company provides solar, wind, energy storage, and green hydrogen solutions for utilities, governments, and industrial customers. It works with public and private partners to build and manage large-scale energy infrastructure. Founded in 2006, Masdar is headquartered in Abu Dhabi, United Arab Emirates. The company operates projects in more than 40 countries, supporting power generation, grid integration, and low-carbon development. Its portfolio includes utility-scale renewable energy plants and related infrastructure. Masdar employs about 1,100 people globally.
About TotalEnergies
TotalEnergies produces and markets oil, biofuels, natural gas, liquefied natural gas, and electricity from renewable sources. The company provides fuel distribution, power generation, and energy trading services for industrial, commercial, and consumer markets. It serves sectors including transportation, manufacturing, chemicals, and utilities, along with retail customers through service stations. Founded in 1924, TotalEnergies is headquartered in Courbevoie, France. The company operates across the energy value chain, including exploration, production, refining, and distribution. It also develops renewable energy and power assets in multiple regions worldwide. TotalEnergies employs more than 100,000 people globally.