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TotalEnergies and Masdar have agreed to form a $2.2 billion joint venture aimed at expanding renewable energy capacity across Asia, reflecting intensifying competition to capture rising electricity demand in the region.

The partnership will operate as a 50:50 joint venture, managing onshore renewable energy assets across key markets including Indonesia, Japan, and South Korea, alongside emerging economies in Southeast Asia and Central Asia.

The platform includes 3 gigawatts (GW) of operational capacity and a development pipeline of 6 GW expected by 2030, providing both immediate scale and long-term growth potential.

The companies plan to integrate solar, wind, and battery storage systems to enhance grid stability and ensure a more reliable energy supply as renewable adoption accelerates.

“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 Caucasus, 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 Dr. Sultan Al Jaber, UAE Minister of Industry and Advanced Technology and Chairman of Masdar.