Abu Dhabi Future Energy Company, better known as Masdar, has agreed to sell a 60 percent stake in a portfolio of nine wind farms in Portugal to Spain-based Exus Renewables.
The UAE renewable energy major will retain a 40 percent stake in the portfolio, the state-run Wam news agency reported.
No financial details were given.
The operational capacity of the portfolio, located in Guarda and Castelo Branco, is currently being increased from 144 megawatt (MW) to 164MW, as part of one of Portugal’s first large-scale repowering initiatives.
The projects have entered the final repowering development phase, with completion expected by 2027. Once fully operational, the repowered sites will generate clean, sustainable electricity for more than 200,000 households, avoiding 41.7 kilotonnes of CO₂ emissions every year.
The repowering initiative includes plans for hybridisation, adding 110MW of solar, to be codeveloped by Masdar and Exus, which will enhance the portfolio’s capacity and contribution to national clean energy targets.
Further reading:
- Masdar JV awarded contracts for North Sea wind projects
- Masdar to increase bond issuances to fund renewables push
- Masdar delists Terna Energy to spur European expansion
The initiative is part of Portugal’s wider energy transition strategy, which targets 10.4 gigawatt (GW) of onshore wind capacity by 2030 and achieving net zero by 2045.
Last month, Masdar and Germany’s RWE signed a memorandum of understanding to collaborate on identifying and pursuing investments in battery energy storage system projects in Germany.
Masdar is targeting expansion across the Iberian Peninsula and Europe, aiming for a global portfolio capacity of 100GW by 2030.
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