Abu Dhabi's Masdar is deepening its multi-billion-dollar bet on Spanish green energy, acquiring a major stake in a Repsol portfolio valued at nearly €850 million.
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Repsol to Sell 49% of Renewables Portfolio to Masdar for €417M
Abu Dhabi's Masdar is deepening its multi-billion-dollar bet on Spanish green energy, acquiring a major stake in a Repsol portfolio valued at nearly €850 million.
Spanish energy group Repsol SA has reportedly agreed to sell a 49% stake in its largest portfolio of renewable assets to the United Arab Emirates’ state-owned Masdar. The deal underscores the intense investor appetite for Spanish green energy and provides a significant capital injection for Repsol as it navigates the energy transition.
The agreement, first reported by the newspaper Cinco Dias citing sources familiar with the matter, is in its final stages and is expected to be formalized within weeks. While neither company has officially commented, the reported terms value the entire portfolio, known as the Minerva project, at approximately 850 million euros ($996 million).
The Minerva portfolio comprises 706 megawatts of installed capacity across 13 wind farms and six solar farms in Spain. The sale of the 49% stake allows Repsol to realize significant value from its renewable developments—raising around €417 million in cash—while retaining majority control and operational oversight of the assets.
For Masdar, the acquisition marks a continuation of its aggressive expansion strategy in the Iberian market, which is seen as a key European hub for renewable energy development. This deal follows a pattern of major investments, establishing the Abu Dhabi-based firm as one of the most active foreign investors in Spain's clean energy sector.
Masdar's Iberian Expansion
This transaction is the latest in a string of high-value deals for Masdar in Spain. In 2024, the company made a significant entry by acquiring the green energy firm Saeta Yield from Canada's Brookfield Renewable (BEPC.N) for $1.4 billion.
More recently, Masdar has pursued partnerships to scale its presence. It purchased a 49.99% stake in a portfolio of solar projects from Spanish utility Endesa SA (ELE.MC) and partnered with Moeve on a $1.2 billion green hydrogen project. These moves demonstrate a multi-faceted strategy, targeting not just operational assets but also future growth in emerging technologies like green hydrogen.
The consistent investment from a major sovereign-backed player like Masdar validates the high valuations of European renewable assets. For energy incumbents like Repsol (REP.MC), selling minority stakes offers a flexible way to fund the costly transition away from fossil fuels. It allows them to de-risk projects, recycle capital into new developments, and crystallize value for shareholders without ceding long-term control. The deal suggests a robust market for such assets, potentially encouraging similar transactions across the sector.
This article is for informational purposes only and does not constitute investment advice.
