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Bond Market News
Masdar, TotalEnergies Agree to Establish $2.2bn Joint Venture
April 7, 2026
TotalEnergies and Masdar have signed a binding agreement to establish a $2.2bn, 50:50 joint venture (JV) focused on accelerating onshore renewable energy growth across Asia. The Abu Dhabi-headquartered venture will merge the companies’ onshore renewable activities in nine countries: Azerbaijan, Indonesia, Japan, Kazakhstan, Malaysia, the Philippines, Singapore, South Korea, and Uzbekistan. Key highlights of the partnership include each partner contributing assets of comparable value, creating a portfolio of 3 GW of operational assets and 6 GW in advanced development. The venture is expected to be fully operational by 2030. The collaboration aims to leverage combined expertise and capital to meet accelerating electricity demand and secure leadership positions in the Asian markets.
Masdar’s dollar bonds were trading stable with its 5.375% 2035s at 99.9, yielding 5.4%. TotalEnergies’ long-dated dollar bonds moved higher, with its 5.488% 2054s up 1.6 points at 97.4, yielding 5.7%.
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