Abu Dhabi Future Energy Company (Masdar) has announced a partnership with Exos Renewables, through which Exos will acquire a 60% stake in Masdar’s portfolio comprising nine wind energy projects in Portugal. Masdar will retain a 40% share in this portfolio.
Currently, efforts are underway to increase the production capacity of wind farms in Guarda and Castelo Branco from 144 megawatts to 164 megawatts as part of one of the initial large-scale capacity enhancement initiatives in Portugal. The project is in its final stages, with completion expected by 2027. Once fully operational, these facilities will generate clean and sustainable electricity for over 200,000 homes, helping to avoid around 41,700 tons of CO2 emissions annually.
Development Strategy
Mohammed Jameel Al Ramahi, CEO of Masdar, stated, “Increasing the production capacity of existing facilities and developing hybrid energy plants enhances their operational efficiency and raises their long-term value, embodying our innovative approach to asset management. Our growth strategy is based on two key pillars: managing our investment portfolio based on thoughtful and disciplined principles and building fruitful strategic partnerships. We are pleased to collaborate with Exos and continue our efforts to provide clean, reliable, and affordable energy to communities across Portugal.”
Energy Supply Expansion
Luis Adão, CEO of Exos Renewables, commented, “The enhancement of existing facilities’ production capacity will contribute to the availability of more renewable energy supplies. We are working with Masdar to embed this vision in Portugal as part of Exos’s strategy for growth through efficiency improvement. This deal will strengthen Exos’s operational capabilities across Europe and reinforce its innovative approach to increasing performance and asset value in renewable energy. We are excited to partner with Masdar on this strategic project.”
The capacity enhancement initiative includes plans to develop hybrid energy projects and add 110 megawatts from solar energy sources, which will be jointly developed by Masdar and Exos, thereby boosting the portfolio’s capacity and supporting national clean energy goals.
This initiative aligns with efforts to advance Portugal’s energy sector, which aims to achieve 10.4 gigawatts of wind energy production capacity by 2030 and reach climate neutrality by 2045. By increasing the efficiency and capacity of the plants and integrating hybrid solar energy projects, these initiatives will significantly contribute to overall energy production and efficiency.
Masdar has set its sights on expanding across Europe, aiming to increase its project portfolio capacity to 100 gigawatts by 2030. Today, Masdar is recognized as one of the largest developers and operators of renewable energy globally, with growth platforms in the world’s most commercially appealing and rapidly growing energy markets.