Masdar acquires stake in Spanish renewables portfolio

Emirati renewables giant Masdar has just made another renewables play in Europe, securing a 49.99% stake in a EUR 849 renewables portfolio, according to a press release (pdf). Masdar agreed on the takeover with Spanish multinational energy player Repsol, and it’s expected to close by year-end, pending regulatory approval.

About the portfolio: The acquisition will see Masdar snap up part of a portfolio which includes 705 MW of capacity from 13 wind farms and six solar parks — all of which are already up and running. The portfolio also includes a 565 MW pipeline with potential for hybridization, enabling the future integration of wind, solar, and battery storage setups.

Behind the move: Masdar sees Spain as “one of Europe’s fastest-growing economies,” where renewable energy is playing a major role, CEO Mohamed Jameel Al Ramahi said. Meanwhile, Repsol is looking to optimize its asset rotation at the moment.

IN CONTEXT- Spain and the wider Iberian Peninsula have long been a focus point of Masdar’s ambitions, with this latest takeover set to bring its total operational capacity in the region up to 4.1 GW, with 1 GW under development. Last year, the company acquired a 234 MW solar project, one of the largest in the region. Prior to that, it completed its EUR 1.2 bn takeover of Spanish renewables firm Saeta Yield and agreed to acquire a 50% stake in Spanish power firm Endesa’s solar power installation subsidiary for AED 3.3 bn. In Portugal, it owns 40% of a nine-wind farm portfolio, set to be upgraded to boost capacity next year.