Abu Dhabi clean energy company Masdar and France’s TotalEnergies have agreed to merge their onshore renewable energy businesses in nine Asian countries and create a new joint venture worth $2.2 billion.
The 50-50 venture will allow both companies to develop, build, own and operate onshore solar, wind and battery storage projects in Azerbaijan, Indonesia, Japan, Kazakhstan, Malaysia, Philippines, Singapore, South Korea and Uzbekistan.
It was announced by Taqa, Masdar’s majority shareholder, in a statement on Thursday to Abu Dhabi Securities Exchange, where its shares are traded.
The joint venture will have a portfolio capacity of 3 gigawatts of operational assets and 6 gigawatts of assets in advanced development that are expected to be operational by 2030. It will be based at the ADGM, with a staff of 200 employees from both TotalEnergies and Masdar.
“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, unlocking new opportunities to deliver the competitive, reliable energy solutions that our partners and customers need,” said Dr Sultan Al Jaber, Minister of Industry and Advanced Technology and chairman of Masdar.
Dr Al Jaber added that Masdar has an expanding portfolio in “some of the attractive growth markets in Asia Pacific”, and is “proud to have pioneered renewable energy deployment in Central Asia and the Caucuses”.
“The UAE has established itself as a global energy leader by delivering at scale, investing with conviction, and building partnerships that endure. Masdar epitomises that approach,” Dr Al Jaber said.
Masdar, jointly owned by Taqa, Adnoc and Mubadala, is active in more than 40 countries, with a combined capacity of 65 gigawatts. It has emerged as a major global player in the past few years in renewables, with projects spanning from the Middle East and Central Asia to Europe and the US. It aims to reach 100 gigawatts of renewable capacity by 2030.
The new venture “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”, said Patrick Pouyanne, chairman and chief executive of TotalEnergies.
Masdar made investments worth $15 billion in renewable energy projects around the globe in 2025 as part of its expansion plans, officials previously said. It is looking to boost investment in the US as demand for energy rises in world’s largest economy amid the data centre boom, they added.
It is also partnering with Emirates Utilities Development Company and Uzbekistan’s Ministry of Energy to explore the development of a 1 gigawatt, round-the-clock clean energy project in the Central Asian country.
Last year, it also signed an agreement with Malaysia to develop the company's largest floating solar plant valued at $208 million as it expands in South-East Asia.
