TotalEnergies, the integrated multi-energy company, and Abu Dhabi Future Energy Company (Masdar), the UAE-based global renewable energy company, signed a binding agreement to establish a 50/50 joint venture (JV) with an investment allocation of $2.2 billion to combine their onshore renewable energy businesses across nine Asian markets.

The partnership aims to meet rapidly growing electricity demand in Asia by scaling up solar, wind, and battery storage projects. Once finalized, the JV will serve as the exclusive platform for both companies to develop, build, own, and operate onshore renewable assets in Azerbaijan, Indonesia, Japan, Kazakhstan, Malaysia, the Philippines, Singapore, South Korea, and Uzbekistan.

The new entity is expected to hold a portfolio of 3 gigawatt (GW) of operational capacity, alongside 6 GW of projects in advanced development, targeted to come online by 2030. Both partners will contribute assets of similar value to the venture.

Headquartered in Abu Dhabi Global Market (ADGM), the JV will be supported by approximately 200 employees drawn from both companies. The management team is set to be announced at a later stage.

Completion of the transaction remains subject to regulatory approvals and customary closing conditions.

TotalEnergies and Masdar have previously collaborated on renewable energy projects and strategic agreements focused on solar and wind development, particularly in emerging markets, as part of their broader efforts to expand clean energy portfolios and support the global energy transition.