Repsol and Abu Dhabi Future Energy Company Masdar have signed an agreement for Masdar to acquire a 49.99% stake in a renewable energy portfolio in Spain, with the transaction valued at USD 982 million. The deal, signed in Abu Dhabi, marks another significant cross-border partnership in Europe's expanding clean energy sector.

Portfolio Composition and Scale

The portfolio at the centre of the transaction comprises 705 megawatts of operational capacity, made up of 13 wind farms totalling 402 MW and six photovoltaic solar parks totalling 303 MW. All assets entered operation in 2025 and the first quarter of 2026, making the portfolio entirely composed of recently commissioned infrastructure.

Beyond the existing operational capacity, the agreement also encompasses more than 565 MW of potential hybridization pipeline growth, incorporating wind, solar and battery storage technologies. This future development dimension was cited as a key element of the deal's longer-term value proposition for both parties.

Strategic Rationale for Repsol

For Repsol, the transaction represents the eighth renewable asset rotation the company has carried out, bringing its total rotated capacity to 3,850 MW across Spain and the United States. The company currently operates 6 gigawatts of renewable capacity in total.

João Costeira, Executive Managing Director of Low-Carbon Generation at Repsol, described the agreement as advancing the company's strategy to optimise the financial structure of its renewables business. "

This agreement marks another step forward in our strategy to maximize 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," Costeira said.

Repsol's broader renewable strategy, as stated by the company, is aimed at optimising financial structure, accelerating growth with strategic partners, and rotating parts of its portfolio to generate capital that can be redeployed elsewhere.

Masdar's Expanding European Footprint

For Masdar, the acquisition is consistent with its stated objective of reaching 100 gigawatts of global renewable capacity by 2030. Once the transaction closes, Masdar will have an operational capacity of 4.1 GW across the Iberian Peninsula, with around 1 GW under development in the same region.

Mohamed Jameel Al Ramahi, CEO of Masdar, pointed to Spain's economic trajectory as a driving factor behind the investment. "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," Al Ramahi said.

He added that the company looks forward to investing in the growth of the assets and building on its existing partnership with Repsol.

The deal continues a pattern Masdar has established of partnering with established energy companies to scale renewable energy deployment, rather than pursuing standalone greenfield development exclusively.

Financing Structure

The portfolio carries substantial debt financing secured by Repsol in advance of the transaction. In December 2025, the company arranged €550 million in syndicated financing for the portfolio.

The lenders participating in that facility include Banco Sabadell, Abanca Corporación Bancaria, CaixaBank, BNP Paribas, UniCredit Bank, and Spain's Official Credit Institute, known as the Instituto de Crédito Oficial.

The involvement of Spain's state-backed credit institution alongside a mix of domestic and international commercial banks reflects the scale and bankability of the underlying assets, which benefit from having entered operation recently and therefore carrying limited construction or commissioning risk.

Timeline and Regulatory Process

The transaction is expected to close toward the end of 2026, subject to customary regulatory approvals. The signing took place in Abu Dhabi, where both parties formalised the terms of the agreement, bringing together the Spanish energy major and the UAE-based renewables company.

The deal adds to a growing list of partnerships between Gulf-based sovereign-linked energy investors and European utilities seeking to optimise their balance sheets while retaining operational roles in renewable assets they have developed.

For Masdar in particular, the Iberian Peninsula has emerged as a priority geography, with this transaction pushing its footprint in the region to over four gigawatts of operational capacity once completed.

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