TotalEnergies and Masdar to form $2.2 billion joint venture to accelerate renewable energy growth in Asia

·      Binding agreement to merge onshore renewable activities in nine countries across Asia

·      Each company will contribute assets of comparable value, totaling 3 GW of operational capacity and 6 GW under advanced development

·      Abu Dhabi-headquartered platform positions partners to capture Asia's growing electricity demand

Paris/Abu Dhabi, 2 April 2026 - TotalEnergies, a global integrated multi‑energy company, and Abu Dhabi Future Energy Company PJSC - Masdar, a global clean energy leader, have signed a binding agreement to establish a $2.2bn 50/50 joint venture (JV) that will merge their onshore renewable activities in nine countries across Asia.

As electricity demand accelerates across Asia, this partnership brings together capital and expertise to deliver renewable energy at the scale and speed required. Once the transaction is closed, the JV will act as both companies' sole vehicle 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 have a portfolio capacity of 3 GW of operational assets and 6 GW of assets in advanced development that are expected to be operational by 2030. Each partner will contribute assets of comparable value.  

The JV, which will be headquartered in Abu Dhabi Global Market (ADGM), will be staffed by around 200 employees from both TotalEnergies and Masdar. The management team for the JV will be announced at a future date. 

The closing of the agreement is subject to regulatory approvals and conditions.

***