By Abdullahi Lukman
TotalEnergies and Masdar have entered into a binding agreement to launch a $2.2 billion joint venture focused on expanding renewable energy capacity across nine Asian countries.
Structured as an equal 50/50 partnership, the venture will develop solar, wind, and battery projects in Azerbaijan, Indonesia, Japan, Kazakhstan, Malaysia, the Philippines, Singapore, South Korea, and Uzbekistan.
The companies said the collaboration combines financial strength and technical expertise to accelerate large-scale renewable deployment.
The joint venture is expected to manage a portfolio of 3 gigawatts (GW) of operational assets and an additional 6 GW in advanced development, with full operations targeted before the end of the decade.
The new entity will be headquartered in Abu Dhabi Global Market and staffed by about 200 employees drawn from both companies. Its management team will be announced later.
TotalEnergies CEO Patrick Pouyanné described the deal as a strategic move to strengthen the companies’ positions in Asia’s growing energy markets, noting it builds on longstanding ties between the United Arab Emirates and TotalEnergies.
Masdar CEO Mohamed Jameel Al Ramahi said the agreement enhances Abu Dhabi’s role as a global energy hub while expanding Masdar’s portfolio and creating new growth opportunities in high-potential markets.
He added that the partnership would help accelerate renewable energy deployment across the region.
Masdar, established in 2006, operates a global renewable energy portfolio exceeding 65 GW across six continents.