Masdar (Abu Dhabi Future Energy Company PJSC), a UAE-based renewable energy developer, has signed an agreement to acquire a 49.99% stake in Madrid-based energy and petrochemical company Repsol’s 705 MW operational renewable energy portfolio in Spain.

The transaction values the portfolio at €849 million (~$985 million). The 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.

The portfolio includes 13 wind projects with a combined capacity of 402 MW and 6 solar projects with a combined capacity of 303 MW. Repsol said all the assets entered operation in 2025 and the first quarter of 2026.

The transaction also includes more than 565 MW of potential hybridization pipeline growth across wind, solar, and battery storage. The acquisition is expected to close toward the end of 2026, subject to customary regulatory approvals.

Repsol said the agreement forms part of its renewable energy strategy to optimize the financial structure of the business, accelerate growth with strategic partners, and rotate part of its portfolio. The company said this is its eighth renewable asset rotation, taking the total capacity rotated across Spain and the U.S. to 3,850 MW. Currently, Repsol has 6 GW of renewable energy capacity in operation.

For Masdar, the acquisition adds to its strategy of forming partnerships to expand renewable energy deployment. The company has set a target of reaching 100 GW of global renewable energy capacity by 2030.

After the transaction closes, Masdar is expected to have 4.1 GW of operational capacity across the Iberian Peninsula and around 1 GW under development, according to the companies.

In December 2025, Repsol secured €550 million (~$638 million) in syndicated financing for the portfolio from Banco Sabadell, Abanca Corporación Bancaria, CaixaBank, BNP Paribas, UniCredit Bank, and Spain’s Official Credit Institute (Instituto de Crédito Oficial).

Previously, in 2025, Masdar acquired the 234 MW Valle Solar Project through its Iberian renewables’ subsidiary, Saeta Yield. Located in the Valencia region of Spain, the project could include 259 MW of battery energy storage.

According to Mercom’s Q1 2026 Solar Funding and M&A report, approximately 18.4 GW of solar projects were acquired in the first quarter of 2026, compared to 13.6 GW in Q1 2025.