UAE-based renewables developer Masdar is expanding its global footprint, including a potential purchase of TotalEnergies SE’s renewable energy assets in Portugal, according to Reuters.
If the deal proceeds, it will likely be executed through Spanish wind and solar developer-operator Saeta Yield SA, which Masdar acquired in late 2024.
At the end of 2023, TotalEnergies owned around 600MW of renewable assets in Portugal, with plans to sell 2GW annually to consolidate its 22.4GW renewables portfolio.
Masdar aims to reach 100GW of renewable energy capacity by 2030. To support this goal, it has deployed nearly AED30 billion in equity investments and secured over AED16.5 billion in project financing across nine countries.
The company has been involved in projects across 40+ nations and is rapidly expanding in Europe and North America.
Recent acquisitions include a 49.99% stake in EGPE Solar, a unit of Spanish utility Endesa SA with a 2GW solar portfolio, and Greek renewables firm Terna Energy SA, which targets 6GW of operational capacity by 2030.
Masdar also signed a power purchase agreement for the 2GW Sadawi project in Saudi Arabia and inaugurated the 500MW Zarafshan Wind Farm in Uzbekistan.
Additionally, the company has commenced construction on seven major projects, including two battery energy storage systems in the UK and the 1.5GW Al Ajban Solar Project in the UAE.
With plans to increase its project portfolio to 51GW by the end of 2024, Masdar continues to support global climate goals while strengthening its role as a leading renewable energy developer.
