TotalEnergies and Masdar launch $2.2 billion renewable energy venture across Asia

France’s TotalEnergies and the UAE’s Masdar have signed a binding agreement to establish a joint venture aimed at accelerating renewable energy development across nine Asian countries, AzerNEWS reports.

According to the agreement, the two companies will create a $2.2 billion joint venture based on an equal 50/50 ownership structure. The platform will consolidate their onshore renewable energy projects across Azerbaijan, Indonesia, Japan, Kazakhstan, Malaysia, Philippines, Singapore, South Korea, and Uzbekistan.

Once finalized, the joint venture will serve as a unified platform for the development, construction, ownership, and operation of solar, wind, and energy storage projects across these markets.

The portfolio will include operational assets with a total installed capacity of 3 GW, alongside projects under active development expected to reach 6 GW by 2030. This expansion underscores the growing strategic importance of Asia in the global energy transition.

The company will be headquartered at Abu Dhabi Global Market (ADGM), a leading international financial center in the UAE. Around 200 employees representing both TotalEnergies and Masdar will work within the new entity, while details regarding its board of directors are expected to be announced at a later stage.

Completion of the transaction remains subject to regulatory approvals and the fulfillment of customary conditions.