Abu Dhabi Future Energy Company, known as “Masdar,” has entered into a binding agreement with TotalEnergies to establish a partnership where both parties will hold 50% stakes, with a total investment reaching up to $2.2 billion. This collaboration will involve the integration of their renewable energy projects across nine Asian countries.
The headquarters of the new entity will be situated in the Abu Dhabi Global Market and will employ around 200 staff from both Masdar and TotalEnergies. The management team for this joint venture will be announced at a later date, pending the fulfillment of conditions and regulatory approvals.
This partnership aims to leverage the expertise and resources of Masdar and TotalEnergies to develop large-scale renewable energy projects that meet the growing demand for energy. Once the deal is finalized, this joint venture will serve as the exclusive platform for both companies to develop, build, own, and operate onshore solar, wind, and energy storage systems in Azerbaijan, Indonesia, Japan, Kazakhstan, Malaysia, the Philippines, Singapore, South Korea, and Uzbekistan.
The new partnership will have a project portfolio with a total capacity of approximately 3 gigawatts, which includes operational projects, along with an additional 6 gigawatts currently in advanced stages of development expected to be operational by 2030. Each company will contribute assets of similar value to the joint venture.
Collaborative Relationships
Dr. Sultan Ahmed Al Jaber, Minister of Industry and Advanced Technology and Chairman of Masdar, stated: “In alignment with the leadership’s vision and directives to foster high-quality partnerships and support the development of the clean energy sector, Masdar underscores the UAE’s global leadership efforts in this domain through large-scale project implementations and meaningful investment agreements, leading to long-term cooperative and strategic partnerships. Together with TotalEnergies, we will expand our activities in the Asia-Pacific, Central Asia, and Caucasus markets.”
He added: “Asia is poised to lead the global demand for electricity this decade. This strategic partnership will contribute to new growth opportunities, enhance progress across the continent, and provide competitive and reliable energy solutions to meet our customers and partners’ needs while accelerating sustainable economic and social development.”
Energy Solutions
Mohamed Jameel Al Ramahi, CEO of Masdar, remarked: “This partnership solidifies Abu Dhabi’s position as a leading global energy hub, combining Masdar’s and TotalEnergies’ expertise to expedite the deployment of renewable energy solutions across Asia. The collaboration will diversify Masdar’s investment portfolio and expand its presence in high-growth markets while attracting a strategic partner with a shared vision and ambition to accelerate growth and create sustainable value in current markets.”
Patrick Pouyanné, Chairman and CEO of TotalEnergies, expressed satisfaction with the agreement, stating: “We are pleased to sign this partnership with Masdar, a global leader in renewable energy, aimed at establishing a robust alliance focused on renewable projects in Asia. This partnership will bring together both parties’ expertise and strengths, enhancing our presence in targeted markets and facilitating the execution of higher-value projects. It also aligns with our renewable energy strategy and contributes to our integrated energy framework. This collaboration reflects the strong, long-standing relationships TotalEnergies has with its partners in the UAE energy sector.”