Spanish energy giant Repsol is in the final stage of selling a 49% stake in its largest renewables portfolio in Spain to Masdar, the clean energy giant of the United Arab Emirates (UAE), Spanish daily Cinco Dias reported on Monday, citing sources close to the deal.

Repsol is finalizing a deal to sell to Masdar 49% in the Minerva project, which is valued at $994 million (850 million euros) and comprises 706 megawatts (MW) of installed capacity across 13 wind farms and six photovoltaic plants.

The deal, expected to be finalized within weeks, is aimed at raising capital at Repsol by welcoming a minority partner in the renewable asset portfolio, Cinco Dias reported.

As part of its 2026-2028 strategic plan, Repsol will be looking to boost its renewable generation capacity and maximize the value of these assets through the entry of partners.

By 2028, Repsol expects to have up to 9,000 MW of operating renewable energy projects of greater value and return — especially in wind, solar, and storage initiatives. This strategy prioritizes the most profitable opportunities in Spain and the United States, with the aim of maximizing value generation and ensuring returns surpassing 10%, the company says.

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Masdar, for its part, aims to become one of the world’s biggest renewable energy companies with global assets with a combined capacity of 100 GW by 2030.

Masdar’s shareholders are Abu Dhabi’s oil giant ADNOC, Abu Dhabi’s sovereign investment company Mubadala, and state utility giant TAQA.

The UAE firm already has strong foothold on the Iberian markets in Spain and Portugal, thanks to deals in recent years to acquire stakes in solar and wind assets.

In 2024, Masdar bought Saeta Yield from Brookfield for $1.4 billion, boosting its portfolio with 745 MW of predominantly wind assets, and a 1.6 GW development pipeline in Spain and Portugal.

Last year, Masdar acquired a 49.99% stake in a portfolio comprising four operational solar PV plants from Enel Green Power Espana S.L., a subsidiary of Endesa.

By Michael Kern for Oilprice.com

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