Masdar to acquire half of Repsol’s Spanish renewables portfolio
Masdar has agreed to acquire a 49.99% stake in a renewable energy portfolio owned by Spain’s Repsol, in a deal that values the assets at €849 million.
Called Minerva, Repsol’s Spanish renewables portfolio comprises 705 MW of operational renewable energy capacity, including 13 wind farms with a combined capacity of 402 MW and six solar photovoltaic plants totalling 303 MW.
All assets entered commercial operation during 2025 and the first quarter of 2026.
The portfolio separately includes a development pipeline of more than 565 MW of hybridisation opportunities spanning wind, solar and battery energy storage projects.
The transaction is expected to close by the end of 2026, subject to customary regulatory approvals.
The deal is part of Repsol’s larger renewables strategy, which also involves partnering to accelerate growth, rotating assets selectively, and optimising the financing structure of its low-carbon business.
A broader strategy to optimise returns
According to the company, the deal forms part of Repsol’s broader renewables strategy, which includes optimising the financial structure of its low-carbon business, accelerating growth through partnerships and selectively rotating assets. The company said the transaction marks its eighth renewable asset rotation to date, covering a combined 3.85 GW of capacity across Spain and the US. Repsol currently operates 6 GW of renewable energy capacity globally.
For Masdar, the acquisition aligns with its goal of reaching 100 GW of renewable energy capacity worldwide by 2030. The company’s operational portfolio in the Iberian Peninsula is now expected to reach 4.1 GW, once this transaction is completed, with approximately 1 GW of additional projects under development.
Back in 2024, Masdar had bought Spanish green energy firm Saeta Yield from Canada's Brookfield Renewable for $1.4 billion. Then, in October 2025, it bought a 50% stake in Endesa’s solar projects, and partnered with Moeve on a $1.2 billion hydrogen venture.
Increased funding for renewables
Last year in December, Repsol had secured €550 million in syndicated financing for its renewables business, which was funded by Banco Sabadell, Abanca, CaixaBank, BNP Paribas, UniCredit Bank and Spain’s Official Credit Institute.
The Masdar-Repsol agreement was signed in Abu Dhabi by Masdar Chief Executive Officer Mohamed Jameel Al Ramahi and João Costeira, Executive Managing Director of Low-Carbon Generation at Repsol.
“Spain is one of Europe’s fastest-growing major economies, and renewable energy is playing a critical role in powering that growth,” Al Ramahi said. “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 building on our partnership with Repsol.”
“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,” said Costeira.
