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Masdar 'targeting stake' in TotalEnergies renewables assets

Emirati renewables giant has bucked trend of what has been deemed a 'seller's market' for wind and solar assets as it targets building 100GW portfolio by 2030

Masdar chair Sultan Ahmed Al Jaber, who is also the UAE Minister of Industry and Advanced Technology and managing director of Emirati oil giant ADNOC.
Masdar chair Sultan Ahmed Al Jaber, who is also the UAE Minister of Industry and Advanced Technology and managing director of Emirati oil giant ADNOC.Photo: ADNOC
Journalist

Masdar is reportedly targeting a stake in TotalEnergies' wind-heavy renewable energy portfolio in Portugal, in what could be the latest in a series of major acquisitions the Emirati power giant has made recently.

Masdar’s interest in the renewables assets held by the French oil major in Portugal was confirmed by three people with knowledge of the matter, according to a report in Reuters.

TotalEnergies reported last year that it has 526MW of wind power assets in Portugal, along with 46MW of solar capacity and 33MW of hydroelectric capacity, spread among nine assets.

It is unclear how significant a stake Masdar may be considering in these assets, and which assets it is most interested in, if they are indeed on the Abu Dhabi company’s radar.

"While we do not comment on market speculation, we continue to explore opportunities in the region as we expand towards our global target of 100 gigawatts by 2030," a Masdar spokesperson told the news agency.

TotalEnergies declined to comment.

Masdar’s drive to 100GW has led it to complete several major renewables deals in Europe in the last year.

It completed the purchase of a 70% stake in Greece-based renewables player Terna for €3.2bn ($3.4bn); and paid €817m to join fellow green power giant Enel in a gigascale portfolio in Spain.
Masdar also struck a deal worth $1.4bn last year to buy Spanish renewables developer Saeta Yield from Brookfield Renewable. That deal saw Masdar take control of 745MW of mostly wind power operating assets, predominantly in Spain, and a 1.6GW development pipeline.
A recent report on the European renewables sector found that only “rock-star” assets are attracting significant interest from buyers, as many developers look to offload assets in what has become a “seller’s market” due to challenges it is facing.
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Published 21 March 2025, 14:57Updated 21 March 2025, 14:57
MasdarTotalEnergiesUnited Arab EmiratesFrancePortugal