UAE state-owned renewables developer Masdar has acquired a 49.99% stake in a 705MW operational renewables portfolio in Spain from oil major Repsol.
The portfolio comprises six solar PV plants with a combined capacity of 303MW, with the remaining capacity from wind farms. The entire portfolio entered operations in 2025 and the first quarter of 2026.
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This agreement is part of Repsol’s strategy to rotate its renewables assets and represents the eighth renewable asset rotation carried out by the Spanish company. Cumulatively, the eight transactions cover nearly 3.9GW of assets located in Spain and the US. In total, Reposl has 6GW of operational renewable energy capacity.
Last year, the company sold a 40% stake in US renewables developer Hecate Energy, which settled an outstanding dispute with Hecate’s parent company, Hecate Holdings.
The stake acquisition of the renewables portfolio is valued at €849 million (US$983 million), with the transaction expected to finalise by the end of 2026.
Moreover, the portfolio has the potential to hybridise the projects with solar PV, wind and energy storage with more than 565MW additional capacity.
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.”
The minority asset acquisition in Spain expands Masdar’s portfolio in the Iberian Peninsula to 4.1GW of operational capacity and with nearly 1GW under development. The renewables developer targets to reach 100GW of global capacity by 2030.
Mostly present in the Middle East and Africa, Masdar has recently made moves in other European markets, including Turkey and Montenegro. In Turkey, the company will develop a 1.1GW solar-plus-storage project in partnership with the Turkish government, while in Montenegro it formed a joint venture with the country’s power utility to develop large-scale renewable energy projects in the country.
