Masdar buys stake in renewables business from Spain’s Repsol

Masdar is bolstering its expansion in the Iberian market with the purchase of another major stake in wind and solar assets.

The Abu Dhabi green energy company has agreed to buy a 49% stake in Spanish energy group Repsol’s largest renewables portfolio, according to a Spanish media report.

The Minerva project includes 13 wind farms and six solar farms, with 706 megawatts of installed capacity, and is valued at about 850 million euros ($996 million).

The deal is in its final stages and is likely to be formalized within weeks, newspaper Cinco Dias reported on Monday.

Masdar has been snapping up European assets, with a strong focus on Spain. In October, it finalized its purchase of a 49.99% stake in a $432 million portfolio of four solar plants from Endesa.