PVTIME – TotalEnergies of France and Masdar of the UAE have signed a binding agreement for a $2.2 billion joint venture, with each company holding a 50% stake. The venture will integrate their onshore renewable operations across nine Asian countries, with a focus on business integration and expansion.
The venture currently has 3GW of operational assets and 6GW in advanced development, all of which are due to be commissioned by 2030. Both partners will inject assets of an equivalent value to support operations. This collaboration will address the rising demand for electricity in Asia and will serve as the sole platform for their onshore solar, wind and storage projects in nine countries, including Azerbaijan, Indonesia and Japan.
Subject to regulatory approval and customary closing conditions, the venture, which is headquartered in the Abu Dhabi Global Market (ADGM), will initially employ 200 staff from both firms, and its management team will be announced at a later date. This partnership builds on the existing collaboration between TotalEnergies and Masdar, which includes green hydrogen and sustainable aviation fuel projects, as well as a framework agreement with EPointZero.
Masdar’s chairman, Sultan Al Jaber, noted the UAE’s global energy leadership and Masdar’s regional expansion. TotalEnergies’ CEO, Patrick Pouyanné, highlighted the alliance’s potential to create an Asian industry leader. Masdar’s CEO, Mohamed Jameel Al Ramahi, added that the venture will enhance Abu Dhabi’s status as an energy hub and accelerate the deployment of renewables in Asia.
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