Abu Dhabi Future Energy Company PJSC – Masdar and TotalEnergies have signed a binding agreement to form a $2.2 billion joint venture, combining their onshore renewable energy operations across nine Asian markets.

The 50/50 partnership comes as electricity demand across Asia continues to surge, bringing together both companies’ capital and technical expertise to scale renewable energy deployment more rapidly.

Once finalized, the joint venture will serve as the exclusive platform for both companies to develop, build, own, and operate onshore solar, wind, and battery storage projects in Azerbaijan, Indonesia, Japan, Kazakhstan, Malaysia, the Philippines, Singapore, South Korea, and Uzbekistan.

The combined portfolio will include 3 GW of operational capacity and an additional 6 GW of projects in advanced development, which are expected to come online by 2030. Both Masdar and TotalEnergies will contribute assets of similar value to the venture.

Sultan Al Jaber, Minister of Industry and Advanced Technology and Chairman of Masdar, said the UAE has built its position as a global energy leader through large-scale delivery, long-term investment, and strategic partnerships.

“Masdar reflects this approach. We have been at the forefront of renewable energy deployment in Central Asia and the Caucasus, and we continue to expand across high-growth markets in the Asia Pacific,” he said.

He added that Asia is expected to drive the bulk of global electricity demand growth this decade, noting that the partnership will accelerate expansion across the region while enabling the delivery of competitive and reliable energy.

Mohamed Jameel Al Ramahi, Chief Executive Officer of Masdar, said the agreement strengthens Abu Dhabi’s position as a global energy hub by combining the capabilities of both companies to expand renewable energy deployment across Asia.

He added that the joint venture will diversify Masdar’s portfolio and unlock opportunities in high-growth markets, while also enhancing value creation in existing markets through collaboration with a like-minded partner.

Patrick Pouyanné, Chairman and Chief Executive Officer of TotalEnergies, described the agreement as a step toward building a leading renewable energy platform in Asia.

He said the partnership allows both companies to leverage their strengths to secure strong market positions and generate greater value together than independently. He also noted that the agreement aligns with TotalEnergies’ integrated power strategy and reinforces its long-standing relationship with the UAE.

The joint venture will be headquartered in Abu Dhabi Global Market and will employ around 200 staff from both companies. Its management team will be announced at a later stage.

The transaction remains subject to regulatory approvals and customary closing conditions.