Repsol Brings In Masdar as Partner in Spanish Renewables Portfolio

Abu Dhabi Future Energy Co (Masdar) and Repsol SA have signed a deal under which the United Arab Emirates' state-owned Masdar will acquire a 49.99 percent stake in a portfolio of renewable generation projects owned by Spain's Repsol in the Iberian country.

Valued EUR 849 million ($983.35 million), the assets include 705 megawatts (MW) of operational capacity. That consists 402 MW from 13 wind farms and 303 MW from 6 solar parks, all of which began operation between 2025 and the first quarter of 2026, a joint statement said.

"Additionally, the portfolio includes more than 565 MW of potential hybridization pipeline growth, comprising of wind, solar and battery storage", the companies said.

The parties expect to complete the transaction by yearend, subject to customary regulatory clearances.

"Spain is one of Europe's fastest-growing major economies, and renewable energy is playing a critical role in powering that growth", said Masdar chief executive Mohamed Jameel Al Ramahi.

"This agreement forms part of Repsol’s renewable strategy, aimed at optimizing the financial structure of the business, accelerating growth with strategic partners, and rotating part of its portfolio", the joint statement said. "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 6,000 MW 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 transaction, Repsol secured EUR 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)".

Elsewhere in its European expansion, Masdar earlier entered into an agreement to form a 50:50 joint venture with Montenegro's state-owned Elektroprivreda Crne Gore (EPCG).

"Through the JV, to be headquartered in Nikšić, Masdar and EPCG will deploy and operate clean energy projects across a range of technologies, including solar photovoltaic, wind, hydropower, pumped hydro energy storage, stand-alone battery energy storage systems and hybrid solutions in Montenegro", Repsol said in a press release April 22.

"The collaboration is intended to support Montenegro’s domestic energy needs while also enabling the export of renewable electricity to the Western Balkans and Southern Europe, including leveraging an existing sub-sea interconnection with Italy".

Also this year Masdar executed a memorandum of understanding with Germany's RWE AG to jointly develop battery energy storage system (BESS) projects.

"Masdar will explore investing by 2030 in existing BESS projects in the country owned by RWE, with a capacity of up to 1 gigawatt", Masdar said February 6. "In addition, RWE and Masdar will assess the joint development of new BESS projects of up to 1 GW by 2035".

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