Repsol and Masdar partner on €849m, 705 MW Spanish renewables portfolio
- Masdar will acquire 49.99% of a €849 million Spanish renewables portfolio.
- The portfolio comprises 705 MW operational: 13 wind farms (402 MW) and six solar parks (303 MW), commissioned in 2025 and Q1 2026.
- The asset package includes more than 565 MW of potential hybridization pipeline spanning wind, solar and battery storage.
- The transaction is expected to close toward the end of 2026 subject to regulatory approvals; Repsol secured €550 million in syndicated financing for the portfolio in December 2025.
Deal overview
Repsol and Masdar signed an agreement for Masdar to acquire a 49.99% stake in a renewable portfolio in Spain valued at €849 million. The signing took place in Abu Dhabi and was signed by Masdar CEO Mohamed Jameel Al Ramahi and Repsol Executive Managing Director of Low-Carbon Generation João Costeira.
Assets and pipeline
The portfolio contains 705 MW of operational capacity: 13 wind farms (402 MW) and six photovoltaic parks (303 MW), which entered operation in 2025 and the first quarter of 2026. It also includes more than 565 MW of potential hybridization growth across wind, solar and battery storage.
Timing and financing
The transaction is expected to close toward the end of 2026, subject to customary regulatory approvals. In December 2025 Repsol secured €550 million of syndicated financing for the portfolio from Banco Sabadell, Abanca Corporación Bancaria, CaixaBank, BNP Paribas, UniCredit Bank and Spain’s Official Credit Institute (ICO).
Strategic context
The deal advances Repsol’s asset rotation strategy — its eighth rotation, totaling 3,850 MW — while supporting portfolio optimisation and partnership-led growth; Repsol currently has 6,000 MW of renewable capacity in operation. For Masdar, the acquisition expands its Iberian footprint toward 4.1 GW operational capacity and around 1 GW under development, aligning with its 100 GW global capacity target by 2030.
Source: Repsol
