REG-TotalEnergies SE TotalEnergies and Masdar to Form $2.2 Billion Joint Venture to Accelerate Renewable Energy Growth in Asia

TotalEnergies SEAnnouncement

02/04/2026 07:30

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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

 

TotalEnergies (Paris:TTE) (LSE:TTE) (NYSE:TTE), 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 UAE has established itself as a global energy leader by delivering at
scale, investing with conviction, and building partnerships that endure.
Masdar epitomizes that approach. We are proud to have pioneered renewable
energy deployment in Central Asia and the Caucuses, and we have an expanding
portfolio in some of the most attractive growth markets in Asia-Pacific. 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 His Excellency
Dr, Sultan Al Jaber, UAE Minister of Industry and Advanced Technology and
Chairman of Masdar.

“We are delighted with the signing of this agreement with Masdar, which
brings together two major renewable players to build a renewable champion in
Asia. It will 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. This agreement is fully in line with the renewable energy
strategy of our Integrated Power business. We are also pleased to further
deepen, in this area, the long-standing relationship between the United Arab
Emirates and TotalEnergies,” said Patrick Pouyanné, Chairman and CEO of
TotalEnergies.

“This joint venture reinforces Abu Dhabi’s status as a global center for
energy leadership, combining the expertise of Masdar and TotalEnergies to
drive renewable energy deployment across Asia. For Masdar, this JV strengthens
and diversifies our portfolio, unlocking new opportunities in attractive,
high-growth markets, while bringing in a like-minded partner to accelerate
growth and deliver additional value in our existing markets.” said Mohamed
Jameel Al Ramahi, CEO of Masdar.

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.

About Masdar

Established in 2006, Masdar (Abu Dhabi Future Energy Company) is leading the
global energy transformation by investing in, developing and operating
renewable energy projects that deliver commercial returns while providing
reliable, affordable clean power worldwide.

With over 20 years’ experience in renewables, Masdar has a diverse, derisked
portfolio totaling over 65 gigawatts (GW) across six continents, including the
world’s fastest-growing energy markets.

Jointly owned by TAQA, ADNOC and Mubadala, Masdar is driving the scale-up of
renewables worldwide, targeting a portfolio capacity of 100GW by 2030.

For more information, please visit: https://www.masdar.ae
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About TotalEnergies

TotalEnergies is a global integrated energy company that produces and markets
energies: oil and biofuels, natural gas, biogas and low-carbon hydrogen,
renewables and electricity. Our more than 100,000 employees are committed to
provide as many people as possible with energy that is more reliable, more
affordable and more sustainable. Active in about 120 countries, TotalEnergies
places sustainability at the heart of its strategy, its projects and its
operations.

TotalEnergies Contacts

Media Relations:+33 (0)1 47 44 46 99l presse@totalenergies.com
(mailto:presse@totalenergies.com) l @TotalEnergiesPR 
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Investor Relations: +33 (0)1 47 44 46 46 l ir@totalenergies.com
(mailto:ir@totalenergies.com)

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Cautionary Note

The terms “TotalEnergies”, “TotalEnergies company” or “Company” in
this document are used to designate TotalEnergies SE and the consolidated
entities that are directly or indirectly controlled by TotalEnergies SE.
Likewise, the words “we”, “us” and “our” may also be used to refer
to these entities or to their employees. The entities in which TotalEnergies
SE directly or indirectly owns a shareholding are separate legal entities.
This document may contain forward-looking information and statements that are
based on a number of economic data and assumptions made in a given economic,
competitive and regulatory environment. They may prove to be inaccurate in the
future and are subject to a number of risk factors. Neither TotalEnergies SE
nor any of its subsidiaries assumes any obligation to update publicly any
forward-looking information or statement, objectives or trends contained in
this document whether as a result of new information, future events or
otherwise. Information concerning risk factors, that may affect
TotalEnergies’ financial results or activities is provided in the most
recent Universal Registration Document, the French-language version of which
is filed by TotalEnergies SE with the French securities regulator Autorité
des Marchés Financiers (AMF), and in the Form 20-F filed with the United
States Securities and Exchange Commission (SEC).



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