Repsol and Masdar Sign Landmark Deal for Spanish Renewable Energy Portfolio Valued at €849 Million
Repsol and Abu Dhabi Future Energy Company – Masdar have announced a major strategic partnership that further strengthens their positions in the global renewable energy market. Under a newly signed agreement, Masdar will acquire a 49.99% stake in a large renewable energy portfolio owned by Repsol in Spain. The transaction places an enterprise value of approximately €849 million on the portfolio and represents another significant milestone in the expansion of clean energy infrastructure across Europe.
The agreement was formally signed in Abu Dhabi by Mohamed Jameel Al Ramahi, Chief Executive Officer of Masdar, and João Costeira, Repsol’s Executive Managing Director of Low-Carbon Generation. The partnership reflects the growing interest of international investors in Spain’s renewable energy sector and highlights the increasing importance of strategic collaborations in accelerating the global energy transition.
The renewable energy portfolio included in the transaction consists of 705 megawatts (MW) of operational generating capacity. The assets comprise a diversified mix of wind and solar projects that have recently entered commercial operation. Specifically, the portfolio includes 13 wind farms with a combined capacity of 402 MW and six photovoltaic solar parks totaling 303 MW. All of these facilities became operational during 2025 and the first quarter of 2026, making them among the newest renewable energy assets in Repsol’s portfolio.
In addition to the operational facilities, the portfolio offers substantial opportunities for future growth. The assets are supported by a hybridization pipeline exceeding 565 MW, which includes potential wind, solar, and battery energy storage projects. Hybridization strategies are increasingly being adopted across the renewable energy industry because they enable developers to maximize the use of existing infrastructure, improve energy production profiles, and enhance grid stability through the integration of energy storage technologies.
The transaction aligns closely with Masdar’s long-term strategy of expanding its renewable energy footprint in key international markets. Spain has emerged as one of Europe’s most dynamic renewable energy destinations, benefiting from strong solar and wind resources, supportive regulatory frameworks, and increasing electricity demand driven by economic growth and electrification efforts.
Commenting on the agreement, Mohamed Jameel Al Ramahi emphasized Spain’s growing importance in the renewable energy landscape and highlighted the strategic value of the acquisition for Masdar’s global ambitions.
According to Al Ramahi, Spain remains one of Europe’s fastest-growing major economies, and renewable energy is playing an increasingly vital role in supporting that growth. He noted that the transaction will strengthen Masdar’s renewable energy portfolio while reinforcing the company’s commitment to supporting Spain’s energy transition objectives and broader economic development goals.
He also expressed enthusiasm about deepening the relationship between Masdar and Repsol, emphasizing that the companies share a common vision regarding the development of sustainable energy infrastructure. Al Ramahi stated that Masdar looks forward to investing in the continued growth of the assets and expanding its collaboration with Repsol in future renewable energy opportunities.
For Repsol, the agreement represents another important step in its strategy to unlock value from its renewable energy investments while continuing to grow its low-carbon generation business. The company has been actively pursuing partnerships with leading international investors and energy companies to strengthen its financial position and accelerate expansion.
João Costeira highlighted that the deal demonstrates Repsol’s commitment to maximizing profitability while maintaining a strong focus on renewable energy development. He noted that bringing in a globally recognized renewable energy leader such as Masdar enhances the value of Repsol’s high-quality asset portfolio and supports the company’s long-term growth plans.
The transaction forms part of Repsol’s broader renewable energy strategy, which focuses on optimizing the financial structure of its renewable business, attracting strategic investment partners, and selectively rotating assets to generate value and fund future growth initiatives.
Asset rotation has become a common strategy among renewable energy developers and utilities worldwide. By selling minority stakes in operational projects while retaining significant ownership and management involvement, companies can recycle capital into new developments without compromising their long-term renewable energy objectives.
This latest agreement marks the eighth renewable asset rotation completed by Repsol. Across these transactions, the company has successfully rotated interests in approximately 3,850 MW of renewable energy assets located in both Spain and the United States. The strategy has enabled Repsol to continue expanding its clean energy portfolio while maintaining financial discipline and enhancing shareholder value.
Today, Repsol operates approximately 6,000 MW of renewable energy capacity globally. The company continues to invest heavily in wind, solar, and other low-carbon technologies as part of its commitment to becoming a leading multi-energy provider in the evolving energy landscape.
For Masdar, the acquisition further advances its ambitious growth plans. The company has established itself as one of the world’s leading renewable energy investors and developers, with projects spanning multiple continents. Through strategic partnerships and targeted investments, Masdar aims to significantly increase renewable energy deployment worldwide.
The company has set a goal of achieving 100 gigawatts (GW) of global renewable energy capacity by 2030. The acquisition of a nearly 50% stake in Repsol’s Spanish portfolio supports this objective by adding high-quality operational assets in a key European market.
Upon completion of the transaction, Masdar’s operational renewable energy capacity across the Iberian Peninsula is expected to reach approximately 4.1 GW. In addition, the company will have around 1 GW of renewable energy projects under development in the region, providing a strong platform for continued expansion.
The deal also highlights growing investment flows between the Middle East and Europe in support of clean energy development. As countries seek to accelerate decarbonization and enhance energy security, partnerships between international energy companies are becoming increasingly important in mobilizing capital and expertise for large-scale renewable projects.
Supporting the financial framework of the portfolio, Repsol secured €550 million in syndicated financing in December 2025. The financing package was arranged through a consortium of major financial institutions, including Banco Sabadell, Abanca Corporación Bancaria, CaixaBank, BNP Paribas, UniCredit Bank, and Spain’s Official Credit Institute (Instituto de Crédito Oficial).
The financing demonstrates strong confidence from the banking sector in the quality of the assets and the long-term prospects of Spain’s renewable energy market. It also provides a solid financial foundation for the continued operation and future expansion of the portfolio.
The transaction remains subject to customary regulatory approvals and other closing conditions. Both companies expect the deal to be finalized toward the end of 2026.
Once completed, the partnership will strengthen Repsol’s position as a leading renewable energy developer while enabling Masdar to expand its presence in one of Europe’s most attractive clean energy markets. The agreement represents another important step toward accelerating renewable energy deployment, supporting economic growth, and advancing global decarbonization efforts.
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