Finance
TotalEnergies, Abu Dhabi's Masdar Form $2.2 Billion Renewables Joint Venture
Published by Global Banking & Finance Review®
Posted on April 2, 2026
2 min readLast updated: April 2, 2026
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TotalEnergies and Masdar are creating a $2.2 billion joint venture to combine their onshore renewable energy operations across nine Asian countries into a single 50:50 entity, pooling 3 GW operational capacity and 6 GW in advanced development.
TotalEnergies and Masdar Forge $2.2 Billion JV for Asian Renewables Expansion
Joint Venture Overview and Strategic Impact
April 2 (Reuters) - France's TotalEnergies and Emirati new energies firm Masdar will merge their onshore renewable activities in nine Asian countries into a $2.2 billion joint venture, the companies and Masdar shareholder TAQA said on Thursday.
The companies will contribute to a total portfolio of 3 gigawatts of operational capacity, with 6 GW under advanced development, and will own 50% of the Abu Dhabi-headquartered venture each.
Key Details of the Joint Venture
Asset Contribution
The companies will contribute assets of comparable value to the JV
Development Timeline
Assets under development are expected to be operational by 2030
Operational Scope
After the deal is closed, the JV will develop, build, own and operate solar, wind and battery storage projects
Geographic Focus
Countries of Operation
It will be their sole vehicle in Azerbaijan, Indonesia, Japan, Kazakhstan, Malaysia, the Philippines, Singapore, South Korea and Uzbekistan
Market Context and Industry Insights
Electricity Demand Growth in Asia
"Asia will be the main driver of global electricity demand growth this decade," said Sultan Al Jaber, UAE's Minister of Industry and Advanced Technology and chair of Masdar
Recent Developments
Last month, the New York Times reported U.S. officials were drafting agreements to pay nearly $1 billion to TotalEnergies as compensation for the cancellation of leases for wind farms
(Reporting by Alessandro Parodi in Gdansk, editing by Milla Nissi-Prussak)
Key Takeaways
- •The joint venture consolidates onshore solar, wind, and battery storage projects in Azerbaijan, Indonesia, Japan, Kazakhstan, Malaysia, the Philippines, Singapore, South Korea and Uzbekistan, serving as their exclusive platform in those markets.
- •Masdar and TotalEnergies each contribute comparably valuable assets, aiming to bring 6 GW of projects online by 2030, and will co-develop, build, own and operate the full portfolio.
- •Asia’s rapid electricity demand growth underpins the move, as highlighted by Sultan Al Jaber, and the deal follows broader Masdar expansion such as its 65 GW global portfolio and $30–35 billion financing plan toward a 100 GW target by 2030.
References
Frequently Asked Questions about TotalEnergies, Abu Dhabi's Masdar form $2.2 billion renewables joint venture
1What is the value of the TotalEnergies and Masdar renewables joint venture?
The joint venture is valued at $2.2 billion.
2Which countries are included in the new joint venture's operations?
The joint venture covers Azerbaijan, Indonesia, Japan, Kazakhstan, Malaysia, the Philippines, Singapore, South Korea, and Uzbekistan.
3How much renewable energy capacity will the JV have?
The JV will start with 3 gigawatts of operational capacity and 6 gigawatts under advanced development.
4What types of projects will the joint venture develop?
It will develop, build, own, and operate solar, wind, and battery storage projects.
5When are the assets under development expected to be operational?
Assets under development are expected to be operational by 2030.
