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TotalEnergies and Masdar to form $2.2bn joint venture in three Asian regions
13/4/2026
News
French oil and gas major and renewables developer TotalEnergies and UAE-based renewables company Masdar will invest $2.2bn in a 50:50 joint venture to develop and operate renewables in nine Asian markets.
The venture will combine 3 GW of existing operational capacity with a further 6 GW in development, expected to come online by 2030.
It will serve as the companies’ exclusive vehicle for onshore solar, wind and battery storage projects in nine countries in three regions: Southeast Asia (Indonesia, Malaysia, Singapore and the Philippines), Asia-Pacific (Japan and South Korea) and Central Asia (Azerbaijan, Kazakhstan and Uzbekistan).
‘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,’ said His Excellency Dr Sultan Al Jaber, UAE Minister of Industry and Advanced Technology and Chairman of Masdar.
Patrick Pouyanné, Chairman and CEO of TotalEnergies, added: ‘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.’
The venture will be headquartered in Abu Dhabi, UAE, and will employ around 200 employees from both companies. The closing of the agreement is subject to regulatory approvals and conditions.
