Masdar Expands Renewable Portfolio through Strategic Acquisition of Repsols Spanish Assets
The Emirati energy company Masdar has announced an agreement to acquire a 49.99 per cent stake in a renewable energy portfolio owned by Repsol in Spain. The valuation of the acquired stake is estimated at approximately 425 million euros, based on a total portfolio valuation of around 849 million euros. This strategic move enables Repsol to reduce its net debt by roughly 700 million euros, strengthening its financial position amid its ongoing renewable expansion.
The portfolio comprises a total operational capacity of 705 megawatts (MW), distributed across thirteen wind farms with 402 MW and six photovoltaic plants with 303 MW. All these facilities became fully operational between 2025 and the first quarter of 2026 and generate recurring income given their mature operational status. This diversification enhances stability and long-term revenue streams for the portfolio.
Although Repsol has indicated that Masdar will pay approximately 150 million euros for the stake, the investment relates to assets with an enterprise value of 849 million euros. The project benefits from a syndicated financing deal of 550 million euros, closed at the end of 2025, involving Banco Sabadell, Abanca, CaixaBank, BNP Paribas, UniCredit Bank, and the official credit Institute (ICO). This financing structure reflects the significant scale and confidence in the assets' profitability.
The transaction's financial structure has not been fully detailed; however, it is expected that the deal will result in a substantial debt reduction for Repsol. The completion of the acquisition is targeted for late 2026, subject to the approval of relevant regulatory authorities. Beyond the current assets, the portfolio offers significant growth potential, with over 565 MW of additional projects involving hybridisation of wind and solar generation combined with battery storage systems. This approach aligns with the renewable sector's focus on increasing efficiency, flexibility, and grid integration.
For Repsol, this operation is part of its asset rotation strategy, allowing it to monetise parts of its renewable assets while maintaining strategic exposure to the sector. To date, Repsol has completed eight such rotations, impacting assets with a combined capacity of 3850 MW across Spain and the United States. The company now operates approximately 6 GW of renewable capacity, while Masdar continues to expand its international footprint with the goal of reaching 100 GW of installed capacity by 2030.
Once the transaction closes, Masdar will hold around 4.1 GW of operational assets in the Iberian Peninsula and nearly 1 GW in development. This plan reflects a broader effort to contribute to global decarbonisation, develop sustainable energy infrastructure, and diversify revenue streams in the renewable sector.