Repsol and Masdar have signed an agreement under which the latter will acquire a 49.99% interest in a portfolio of renewable energy assets in Spain for €849m ($980.2m).
The portfolio comprises a total operational capacity of 705MW across 13 wind farms, offering 402MW, and six photovoltaic solar parks totalling 303MW.
All the assets in the portfolio commenced operations in 2025 and the first quarter of 2026.
The deal also involves more than 565MW of potential hybridisation growth from future wind, solar and battery storage projects.
The agreement was signed in Abu Dhabi by Masdar CEO Mohamed Jameel Al Ramahi and Repsol low-carbon generation executive managing director João Costeira.
Completion of the transaction is anticipated towards the end of 2026, pending customary regulatory approvals.
For Repsol, the sale is part of an ongoing asset rotation strategy within its renewables division, which aims to optimise its financial structure, pursue growth with partners and transfer parts of its portfolio.
This is the company’s eighth renewables transaction, bringing the total capacity rotated across Spain and the US to 3.85GW.
Currently, Repsol has 6GW of renewable capacity in operation.
In December 2025, Repsol obtained €550m in syndicated financing for this portfolio from lenders Abanca Corporación Bancaria, Banco Sabadell, BNP Paribas, CaixaBank, Spain’s Instituto de Crédito Oficial and UniCredit Bank.
Repsol low-carbon generation executive managing directorJo ão Costeira said: “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.”
Masdar’s acquisition supports its objective to increase its renewable assets in key markets as it works towards reaching 100GW of worldwide operational capacity by 2030.
Once the deal is completed, Masdar will have 4.1GW in operation across the Iberian Peninsula and approximately 1GW under development.
Jameel Al Ramahi 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.
“We look forward to investing in the growth of these assets, and to building on our strong partnership with Repsol.”
Earlier this month, Masdar and RWE power solutions North America signed 15-year power purchase agreements for output from the BigBeau Solar+Storage Project in Kern County, California, US.
