Repsol has reached an agreement in the renewable energy sector with the Emirati company Masdar through the sale of a 49.99% stake in an operational portfolio of 705 megawatts (MW), valued at 849 million euros. This set of assets, with the possibility of adding another 565 MW through hybridization, integrates wind, solar, and battery storage projects, according to the company's statement.
In detail, the portfolio includes 13 wind farms totaling 402 MW and six solar photovoltaic plants with a combined capacity of 303 MW, all of which are expected to become operational throughout 2025 and during the first quarter of 2026.
The agreement was signed in Abu Dhabi by Masdar's CEO, Mohamed Jameel Al Ramahi, and Repsol's Low-Carbon Generation Executive Director, João Costeira.
The transaction is part of the renewable roadmap of the group chaired by Josu Jon Imaz, focused on optimizing the financial structure of the business, accelerating growth by relying on strategic partners, and rotating part of its assets. In this regard, the company has already sealed operations with Pontegadea, the investment vehicle of Inditex founder Amancio Ortega, and with Schroders Greencoat, among others.
This is the eighth rotation of green assets executed by Repsol, totaling 3,850 MW in Spain and the United States. The company anticipates the closing of the operation to take place before the end of this year, subject to customary regulatory approvals. Currently, Repsol has 6,000 MW of renewable capacity in service.
Financial Impact and Syndicated Financing
Masdar will pay around 150 million euros, and it is estimated that the operation will reduce Repsol Group's net debt by approximately 700 million euros, without having a significant effect on the energy company's income statement, according to the communication sent to the National Securities Market Commission (CNMV).
In the context of this transaction, Repsol closed a syndicated financing of 550 million euros associated with the portfolio last December, granted by Banco Sabadell, Abanca Corporación Bancaria, CaixaBank, BNP Paribas, UniCredit Bank, and the Official Credit Institute (ICO).
The executive director of Low Carbon Generation at Repsol, Joao Costeira, pointed out that this agreement represents "a new step forward" in the group's strategy "to maximize profitability, allowing the incorporation of a leading global partner in the renewable energy sector, while continuing to strengthen the value of the portfolio of high-quality assets."
For his part, the CEO of Masdar, Mohamed Jameel Al Ramahi, highlighted Spain as "one of the major European economies with the highest growth," in which renewable energies "are playing a fundamental role in driving that growth."
Furthermore, he stressed that the alliance with Repsol strengthens the Emirati company's portfolio, "while deepening its support for Spain's economic ambitions." "We look forward to investing in the growth of these assets and continuing to consolidate our strong collaboration with Repsol," he said.
Masdar's Expansion in the Iberian Peninsula
With this acquisition, Masdar continues its strategy of partnering with other key players to accelerate the global deployment of renewable energies, with the goal of reaching 100 gigawatts (GW) of installed capacity by 2030.
Once the transaction is completed, the Emirati renewable energy company will have 4.1 GW of operational power in the Iberian Peninsula and approximately 1 GW additional in the development phase.
Masdar, which in 2024 acquired Saeta Yield in a deal valued at around 1.2 billion euros, also maintains relevant renewable energy agreements with Iberdrola and Endesa.