TotalEnergies and Masdar have signed a binding agreement to establish a USD2.2bn 50:50 joint venture by merging their onshore renewable activities in nine countries across Asia (Masdar press release, 02/04/2026).
The JV is expected to develop, build, own, and operate onshore solar, wind and BESS projects of both companies across Azerbaijan, Indonesia, Japan, Kazakhstan, Malaysia, the Philippines, Singapore, South Korea and Uzbekistan. TotalEnergies and Masdar will contribute assets of comparable value to their JV which, according to the announcement, is expected to count with a 3 GW portfolio of operational assets and 6 GW of assets in advanced development that are expected to start commercial operations by 2030.
According to the TotalEnergies CEO, the merger is expected to combine the strengths of both companies to secure significant positions in the Asian market. The merger is still subject to regulatory approvals and conditions.
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