Masdar has completed the acquisition of a 49.99% stake in Repsol’s Spanish renewable energy portfolio through a €849 million ($980.2 million) transaction. The portfolio encompasses 705MW of operational renewable capacity distributed across wind and solar installations that commenced full operations between 2025 and the first quarter of 2026.
The renewable energy assets include 13 operational wind farms with a combined capacity of 402MW alongside six photovoltaic solar parks delivering 303MW. Beyond the existing operational infrastructure, the agreement encompasses potential for over 565MW of additional capacity through hybridisation initiatives involving future wind, solar, and battery storage installations. Representatives from both organizations finalized the agreement in Abu Dhabi, with Masdar Chief Executive Officer Mohamed Jameel Al Ramahi and Repsol’s low-carbon generation executive managing director João Costeira signing the transaction.
The transaction is expected to reach completion by the end of 2026, contingent upon standard regulatory approvals. This Masdar acquires renewable energy assets through what represents the company’s eighth major renewables transaction within its strategic expansion framework. The transaction brings Repsol’s total renewable capacity rotated across Spain and the United States to 3.85GW, with the company currently maintaining 6GW of renewable generation in operation.
Repsol utilized syndicated financing arranged in December 2025 to support the portfolio, securing €550 million through leading financial institutions including Abanca Corporación Bancaria, Banco Sabadell, BNP Paribas, CaixaBank, Spain’s Instituto de Crédito Oficial, and UniCredit Bank. According to João Costeira, “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.”
For Repsol, this transaction forms part of a broader asset rotation strategy within its renewables division designed to enhance financial efficiency, facilitate development with strategic partners, and strategically diversify its renewable energy holdings. The approach reflects the company’s commitment to optimizing its renewable energy portfolio while maintaining operational excellence across existing assets.
Masdar’s acquisition directly supports its ambitious objective to increase renewable energy holdings in strategic markets while advancing toward 100GW of worldwide operational capacity by 2030. Upon completion of the transaction, Masdar will maintain 4.1GW of renewable capacity in operation across the Iberian Peninsula, with approximately 1GW currently under development. Mohamed Jameel Al Ramahi stated: “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.”
The transaction underscores Masdar’s strategic positioning within European renewable energy markets and reflects broader trends of international investment in Spain’s clean energy infrastructure expansion.