Mar 21, 2025
Masdar is considering the acquisition of a stake in TotalEnergies' renewable energy projects in Portugal.
The renewable energy firm Masdar from Abu Dhabi is considering purchasing a stake in the renewable assets of the French oil giant TotalEnergies in Portugal, according to three sources familiar with the situation who spoke to Reuters.
Any potential agreement would likely be carried out through Saeta Yield, the green energy company that Masdar acquired last year from Canada's Brookfield, one of the sources indicated. However, Reuters was unable to ascertain the size of the stake Masdar is pursuing.
A spokesperson for Masdar stated, "While we do not comment on market speculation, we continue to explore opportunities in the region as we work towards our global goal of 100 gigawatts by 2030." TotalEnergies chose not to comment on the matter.
This deal would mark another step for Masdar in the Iberia region, which it considers crucial for achieving its global targets. In addition to last year's $1.4 billion acquisition of Saeta, Masdar took a minority share in a 2 GW solar portfolio managed by Endesa, and Reuters has reported that it is currently in negotiations with Endesa to broaden their partnership.
These transactions, along with the acquisition of a majority stake in the Greek renewable energy company Terna, further enhance Masdar's presence in Europe, according to the spokesperson.
TotalEnergies has approximately 600 megawatts of operational renewable capacity in Portugal, primarily in wind power, where the current valuation per megawatt is higher than that of solar energy. The company also possesses some solar and hydroelectric assets, as stated in its 2023 Factbook. In February, TotalEnergies CEO Patrick Pouyanne mentioned a yearly divestment target of around 2 GW as part of its strategy to consolidate its renewable portfolio.
Any potential agreement would likely be carried out through Saeta Yield, the green energy company that Masdar acquired last year from Canada's Brookfield, one of the sources indicated. However, Reuters was unable to ascertain the size of the stake Masdar is pursuing.
A spokesperson for Masdar stated, "While we do not comment on market speculation, we continue to explore opportunities in the region as we work towards our global goal of 100 gigawatts by 2030." TotalEnergies chose not to comment on the matter.
This deal would mark another step for Masdar in the Iberia region, which it considers crucial for achieving its global targets. In addition to last year's $1.4 billion acquisition of Saeta, Masdar took a minority share in a 2 GW solar portfolio managed by Endesa, and Reuters has reported that it is currently in negotiations with Endesa to broaden their partnership.
These transactions, along with the acquisition of a majority stake in the Greek renewable energy company Terna, further enhance Masdar's presence in Europe, according to the spokesperson.
TotalEnergies has approximately 600 megawatts of operational renewable capacity in Portugal, primarily in wind power, where the current valuation per megawatt is higher than that of solar energy. The company also possesses some solar and hydroelectric assets, as stated in its 2023 Factbook. In February, TotalEnergies CEO Patrick Pouyanne mentioned a yearly divestment target of around 2 GW as part of its strategy to consolidate its renewable portfolio.