Masdar has agreed to acquire a 49.99 percent stake in Repsol’s 705 MW renewable energy portfolio in Spain in a deal valuing the assets at €849 million. The portfolio comprises 13 wind farms with a combined capacity of 402 MW and 6 solar parks totaling 303 MW, all of which became operational in 2025 and the first quarter of 2026. It also includes a pipeline of more than 565 MW of potential hybrid projects involving wind, solar and battery storage.
The transaction, subject to regulatory approvals, is expected to close by the end of 2026. Upon completion of the transaction, Masdar’s operational renewable energy capacity in the Iberian Peninsula will increase to 4.1 GW, with an additional 1 GW under development. This transaction also marks Repsol’s eighth renewable asset rotation, covering a total of 3,850 MW across Spain and the United States.
In May 2026, Repsol achieved commercial operations at its 825 MW Pinnington Solar project in Texas. The project was developed by Repsol, engineered and constructed by Black & Veatch and its Overland Contracting Inc. (OCI) construction subsidiary. The project includes 1.5 million solar panels and is expected to avoid approximately 1 million tonnes of carbon emissions annually.
REGlobal’s Views: This acquisition is in line with Masdar’s plans to build a 100 GW of global renewable energy portfolio by 2030. Spain is a large and attractive market for a major clean energy developer like Masdar, and the company has been steadily acquiring total and minority stakes in several projects across the country. For instance, the company has previously acquired Saeta Yield from Brookfield, and also bought stakes in projects owned by Endesa, Genia Solar, and Solar Ventures.