Report by Link Securities
The Spanish oil company and Masdar (Abu Dhabi Future Energy Company) have signed an agreement whereby Masdar will acquire a 49.99% stake in a portfolio of renewable energy assets in Spain for approximately €150 million. The transaction values the portfolio at €849 million. The portfolio comprises 705 megawatts (MW) of operational capacity, including 13 wind farms (402 MW) and six solar photovoltaic farms (303 MW), all of which came on stream in 2025 and Q1 2026. In addition, the portfolio includes more than 0.5 GW of potential growth from hybridisation projects, comprising wind, solar and battery storage. It is estimated that the transaction will reduce Repsol’s net debt by €700 million and will not have a significant impact on its income statement. The transaction is expected to close by the end of 2026, subject to the usual regulatory approvals.
This agreement forms part of Repsol’s renewable energy strategy, aimed at optimising the business’s financial structure, accelerating growth alongside strategic partners and rotating part of its asset portfolio. This is the eighth renewable asset rotation carried out by Repsol, totalling 3,850 MW, in both Spain and the US. The oil company currently has 6 GW of renewable capacity in operation. As part of the transaction, Repsol secured a €550 million syndicated loan for the portfolio in December 2025.
