(Bloomberg) -- Abu Dhabi’s Masdar is exploring the possibility of taking a stake in renewable-energy assets owned by Iberdrola SA in the US, according to people familiar with the matter.

Masdar is interested in buying a share of existing Iberdrola onshore clean-energy assets, said the people, who asked not to be named because the talks aren’t public. Deliberations by the UAE renewables company are at an early stage and it’s possible no deal happens, they said. 

A representative for Masdar declined to comment. 

“Masdar is an important strategic partner for Iberdrola, but we have not had any official approach from them regarding the potential to acquire any stake in our renewables projects in the US,” Iberdrola said in an emailed statement.

Iberdrola last year worked on plans to sell a minority stake in its entire US onshore renewable business, as part of a plan to raise funds for the acquisition of utility PNM Resources Inc. Iberdrola last month scrapped the PNM purchase.

In recent years, Iberdrola has done deals in several countries to bring minority financial partners into certain businesses. Masdar in November bought 49% of Iberdrola’s 476-megawatt Baltic Eagle wind farm, and in January 2023 Norway’s wealth fund acquired 49% of Iberdrola’s Spanish renewable business for about €600 million ($646 million). 

--With assistance from Ben Bartenstein.

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