Abu Dhabi Future Energy Company – Masdar, a global renewable energy leader, and Repsol, an energy company that provides solutions for all its customers’ energy needs, have signed an agreement under which Masdar will acquire a 49.99% stake in a renewable energy portfolio in Spain. The transaction values the portfolio at €849 million.
The portfolio comprises 705 megawatts (MW) of operational capacity, including 13 wind farms (402 MW) and six photovoltaic solar parks (303 MW), all of which entered operation in 2025 and the first quarter of 2026. Additionally, the portfolio includes more than 565 MW of potential hybridization pipeline growth, comprising wind, solar, and battery storage. The agreement was signed in Abu Dhabi by Masdar CEO Mohamed Jameel Al Ramahi and João Costeira, Executive Managing Director of Low-Carbon Generation at Repsol.
Mohamed Jameel Al Ramahi, CEO of Masdar, said, “Spain is one of Europe’s fastest-growing major economies, and renewable energy is playing a critical role in powering that growth. This transaction strengthens Masdar’s portfolio, while deepening our support for Spain’s economic ambitions. We look forward to investing in the growth of these assets, and to building on our strong partnership with Repsol.”
João Costeira, Executive Managing Director of Low-Carbon Generation at Repsol, highlighted, “This agreement marks another step forward in our strategy to maximise profitability, enabling us to bring in a leading global partner in the renewable energy sector, while further strengthening the value of our high-quality asset portfolio.”
The transaction is expected to close toward the end of 2026, subject to customary regulatory approvals.
This agreement forms part of Repsol’s renewable strategy, aimed at optimising the financial structure of the business, accelerating growth with strategic partners, and rotating part of its portfolio. This is the eighth renewable asset rotation carried out by Repsol, totaling 3,850 MW, both in Spain and the United States. Repsol currently has 6 GW of renewable capacity in operation.
The acquisition continues Masdar’s strategy of partnering with other industry leaders to scale renewable energy deployment worldwide, as it targets 100 GW of global capacity by 2030. Once the transaction is completed, Masdar will have an operational capacity of 4.1 GW across the Iberian Peninsula, with around 1 GW under development.
In the context of this, Repsol secured €550 million in syndicated financing for the portfolio in December 2025 from Banco Sabadell, Abanca Corporación Bancaria, CaixaBank, BNP Paribas, UniCredit Bank, and Spain’s Official Credit Institute (Instituto de Crédito Oficial).
