TotalEnergies and Masdar Launch $2.2B Joint Venture for Renewable Energy in Asia

Tashkent, Uzbekistan (UzDaily.com) — TotalEnergies, the global multi-energy operator, and Abu Dhabi Future Energy Company PJSC – Masdar, a world leader in clean energy, have signed a binding agreement to establish a $2.2 billion joint venture, with each company holding a 50% stake.

The joint venture will consolidate the companies’ onshore renewable energy activities in nine Asian countries: Azerbaijan, Indonesia, Japan, Kazakhstan, Malaysia, the Philippines, Singapore, South Korea, and Uzbekistan.

The portfolio will include 3 GW of operating assets and 6 GW of projects in advanced development stages, scheduled for commissioning by 2030. Each partner will contribute assets of comparable value.

Dr. Sultan Al Jaber, UAE Minister of Industry and Advanced Technology and Chair of Masdar, emphasized that the collaboration will accelerate renewable energy growth in Central Asia and the Asia-Pacific region, providing competitive and reliable energy.

Patrick Pouyanné, CEO of TotalEnergies, noted that the joint venture leverages the companies’ strengths to create a market leader in Asia, enhancing project value beyond individual efforts. Masdar CEO Mohamed Jameel Al Ramahi highlighted that the partnership strengthens Abu Dhabi’s position as a global energy hub and opens opportunities in fast-growing markets.

The joint venture will be headquartered at Abu Dhabi Global Market (ADGM) with around 200 employees. Leadership appointments will be announced later, and the transaction’s closing depends on obtaining the necessary regulatory approvals.