French oil and gas company TotalEnergies SE and the UAE-based Abu Dhabi Future Energy Company (Masdar) signed an agreement to establish a 50/50 joint venture worth $2.2 billion to develop renewable energy in Asia. Kazakhstan is among the participating countries. According to a  TotalEnergies statement , the companies will combine existing and prospective onshore assets in nine countries in the region, including Azerbaijan, Kazakhstan, Uzbekistan, Japan, and Southeast Asian countries, and will share the costs of developing and operating solar, wind, and battery storage assets.

The joint venture will have 3 GW of operational capacity and 6 GW under construction, expected to be operational by 2030. The joint statement emphasizes that “with growing energy demand in Asia, the partnership combines capital and expertise to deliver renewable energy at the scale and speed required.”

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Following the completion of the transaction, the joint venture will become a unified investment and operational vehicle for both companies for the development, construction, and operation of solar and wind generation facilities, as well as energy storage systems. The new entity will be headquartered in Abu Dhabi (UAE) and will employ 200 people from both companies. 

Abu Dhabi Future Energy Company (Masdar) is a UAE government-owned renewable energy and green hydrogen company. It manages a renewable energy portfolio with a capacity of over 65 GW, with the potential to increase to 100 GW by 2030. Masdar is developing projects in solar and wind energy, energy storage, waste-to-energy, and geothermal energy. The company is owned by three energy companies—ADNOC, Mubadala Investment Company, and TAQA. The company is implementing projects in 40 countries and is headquartered in Abu Dhabi, UAE.

TotalEnergies SE is a French multinational oil and gas company and one of the world’s largest energy companies after Royal Dutch Shell, British Petroleum, and ExxonMobil. TotalEnergie operates 3,000 service stations, serving 1 million customers and 6 million electricity and gas consumers daily. Headquartered in Paris, France, TotalEnergie has offices in 120 countries.

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