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Sources: Masdar is considering buying a stake in TotalEnergies Portugal renewables

Sources: Masdar is considering buying a stake in TotalEnergies Portugal renewables

Three people familiar with the matter said that Masdar, an Abu Dhabi renewable energy firm, is looking to acquire a stake in TotalEnergies’ Portuguese renewables assets.

One source said that any deal would be likely done through Saeta Yield. This is the green energy company Masdar purchased last year from Canada’s Brookfield. Could not determine the size of the stake Masdar was interested in.

Masdar's spokesperson stated that "While we don't comment on market speculations, we continue exploring opportunities in the area as we expand toward our global goal of 100 gigawatts before 2030."

TotalEnergies has declined to comment.

Masdar has signed another deal in Iberia, which it considers important for reaching its global goal.

It reported this week, that in addition to the $1.4 billion purchase of Saeta last year, it has also been in discussions with Endesa about expanding their partnership.

The spokesperson stated that these deals, along with the acquisition of the majority stake in the Greek renewable energy company Terna will further expand Masdar’s European footprint.

TotalEnergies installed renewable power in Portugal is approximately 600 megawatts, with the majority being wind, whose valuation per megawatt currently exceeds solar.

According to the Factbook for 2023, it also has solar and hydroelectric assets.

Patrick Pouyanne, CEO of TotalEnergies, stated in February that the company's plan to consolidate their renewable portfolio included a divestment target of 2 GW per year. Reporting by Andres Gonzalez and Pietro Lombardi. Additional reporting by Federico Maccioni and America Hernandez. Anousha Sakoui and Kirby Donovan edited the article.

(source: Reuters)