UAE's Masdar in talks on $200mln solar power deal with Endesa, sources say
MADRID - Abu Dhabi renewable energy company Masdar and Spanish power utility Endesa are closing in on a deal that would see Masdar pay around $200 million for a 49.9% stake in a solar portfolio controlled by Endesa, according to two sources familiar with the deal and a document seen by Reuters.
The deal for the roughly 450 megawatt portfolio builds on the existing partnership between the companies and would further expand Masdar's operations in Spain, a country it sees as key for its European growth.
"While we do not comment on market speculation, we continue to explore opportunities in the region as we expand towards our global target of 100 gigawatts by 2030," a spokesperson for state-owned Masdar said.
Endesa declined to comment.
The deal would also fit with the strategy of Italy's Enel , Endesa's owner, of selling minority stakes in some projects to keep debt at bay while maintaining control of the assets.
In July last year Masdar took a minority stake in a 2-gigawatt (GW) solar portfolio controlled by Endesa.
In September it bought green energy company Saeta Yield from Canada's Brookfield in a $1.4 billion deal.
Masdar is controlled by UAE's power and water firm TAQA, its National oil company ADNOC and sovereign wealth fund Mubadala Investment Company.
The Masdar spokesperson referred to the previous deal with Enel, the acquisition of Saeta and that of a majority stake in Greek renewable energy company Terna as operations "further expanding our European footprint". (Reporting by Pietro Lombardi; editing by Aislinn Laing and Susan Fenton)
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Channel Post MEA
2 hours ago
- Channel Post MEA
Kiteworks Acquires Amsterdam Headquartered Zivver
Kiteworks has announced the acquisition of Zivver, an innovative secure email platform headquartered in Amsterdam, the Netherlands. This strategic acquisition enhances Kiteworks' capabilities in secure communication while further expanding its European presence with the addition of Zivver's professional team and large customer base. Zivver uses machine learning and artificial intelligence to analyse sensitive email content in context to prevent human errors, the biggest cause of data leaks in email, and to accurately protect, control, and track the exchange of sensitive data using a zero-knowledge, zero-access encryption key architecture. This ensures that only the sender and intended recipients have access to the protected data, maintaining the highest levels of security and privacy. Expanding the Private Data Network The acquisition will result in the integration of Zivver's AI-enabled secure email capabilities into Kiteworks' Private Data Network that unifies and secures email, file sharing and collaboration, SFTP, managed file transfer (MFT), enterprise AI, and web forms into one platform. Kiteworks also includes Next-generation Digital Rights Management (Next-gen DRM) powered by SafeEDIT that provides organisations with a unified approach to monitoring, controlling, and protecting private data across multiple communication channels. This is Kiteworks' sixth acquisition in the past three and a half years and fifth in the past 18 months. 'Organisations require comprehensive solutions that protect private data shared and sent across all communication channels while maintaining seamless user experiences,' says Amit Toren, Chief Business Officer at Kiteworks. 'By bringing Zivver's innovative secure email technology into our Private Data Network, we're providing the combined customer base with enhanced capabilities to secure their most sensitive communications while meeting stringent compliance requirements. This acquisition reflects our focus on continuous innovation in secure data exchange, including AI-based data protection, coupled with the continued growth in our talented global team.' Benefits for Zivver Customers and Partners Zivver customers and partners will benefit significantly from this acquisition while experiencing no disruption to their existing services: Kiteworks' Private Data Network Platform: Customers gain access to additional secure communication capabilities within Kiteworks' comprehensive security and governance framework. Enhanced Global Support: Customers electing to upgrade to the combined Kiteworks platform will have access to Kiteworks' robust 24/7 support operation, ensuring expert assistance is available worldwide at any time – from initial onboarding to ongoing business-critical operations. Long-term Innovation and Stability: Customers get continued product support without disruptions to service, backed by Kiteworks' profitable, well-funded organisation committed to the highest security and compliance standards. Data Sovereignty: Zivver will remain hosted in the European Union with all data stored within EU borders, ensuring compliance with regional data protection regulations. 'We surveyed countless companies and solutions globally,' says Wouter Klinkhamer, CEO of Zivver. 'Our objective was to find a partner who shares our vision for zero-access security and meets Europe's stringent data sovereignty standards. Kiteworks not only mirrors our philosophy on encryption and zero-trust, but also offers on-premise and private cloud deployment options for controlling, monitoring, and protecting every data interaction between people, machines, and systems across user collaboration and automated workflows − all from one platform. We're particularly excited about the expanded product innovation and development and additional resources this acquisition brings to our customers and partners.' Key Capabilities of the Combined Solution The integration of Zivver into Kiteworks' Private Data Network will bring additional capabilities to organisations seeking to protect their sensitive communications. Specifically, Zivver automatically analyses email and attachment content with machine learning and AI based on scanning for sensitive data, behavioural analysis, erroneous email address detection/warning, and others, adjusting protection levels based on the detected sensitivity of the information being shared and its context. This 'right-sized security' approach means that enhanced security protocols (like encryption and additional authentication) are only triggered when sensitive data is detected. According to company policy, this ensures critical data remains protected without unnecessarily burdening users with extra security steps for non-sensitive communications. Zivver also integrates with major email platforms including M365, Outlook, and Gmail, providing a user-friendly experience for secure email communication and large file sharing without complicated workflows. Plus, there is no need for recipients to create accounts to Zivver, reducing friction in reading and replying to secure emails. Finally, Zivver's e-signature capabilities provide a secure, compliant solution for digital document signing. The platform integrates with Zivver's encrypted email system, allowing users to send documents for signature, track progress in real time, and store completed documents with verification. Compliant with eIDAS and ESIGN regulations, the user-friendly system offers customisable workflows and mobile-friendly signing options that don't require recipient accounts − balancing security with convenience for industries handling sensitive information. Continuity for Customers Zivver will continue to be sold and supported independently, with no disruptions in service for existing customers. Customers can continue renewing and upgrading their licenses as before, while benefiting from the additional resources and capabilities that come with being part of Kiteworks. Kiteworks' and Zivver's joint commitment enables organisations to meet various regulations such as GDPR, NIS 2, HIPAA, and DORA, with adaptable security measures and robust reporting for compliance monitoring. 'Working together, we can serve European customers with a truly holistic approach,' says Rick Goud, Chief Innovation Officer at Zivver. 'They'll have the freedom to selectively leverage the cloud for certain workloads while keeping their most sensitive communications fully on-premise if they choose. The combination of user-friendly data protection, encryption, and advanced monitoring of all outbound data flows provides the level of protection and peace of mind today's governments and enterprises desperately need.'
Middle East Eye
7 hours ago
- Middle East Eye
PA prime minister asks Arab League for financial support as Israel continues to withold $2.2bn
Palestinian Authority Prime Minister Mohammad Mustafa asked the Arab League for financial support since the Israeli government is withholding approximately $2.2bn in Palestinian tax revenues, Wafa news agency reported on Wednesday. Mustafa told the secretary general of the Arab League, Ahmed Aboul Gheit, that their support is essential to enable the Palestinian government to fulfil its obligations, including paying salaries and allowances to more than 170,000 beneficiaries and supporting more than 150,000 families receiving social assistance. Israel has been withholding tax revenues under various pretexts since 2019. The tax revenues represent duties imposed on goods imported into Palestine either via Israel or through Israeli crossings. Mustafa underscored the importance of international and Arab support in pressuring the Israeli government to release the $2.2 bn in tax revenues, also referred to as clearance funds. The Palestinian government says the withholding of the funds has put it under severe strain, preventing it from fulfilling its obligations to provide essential services in key sectors such as health, education, social protection, and security. Gheit says he will coordinate with Arab and European countries, as well as the United States, to exert pressure on Israel to release the withheld funds to Palestinians. The Palestinian economy has been thrown into further jeopardy since last Tuesday, when Finance Minister Bezalel Smotrich directed his office to cancel a critical policy for sustaining the Palestinian economy in retaliation for the decision by five countries to sanction him and fellow far-right minister, Itamar Ben Gvir.
Gulf Today
14 hours ago
- Gulf Today
Airbus seals VietJet deal as hopes rise at air show for tariff rollback
Airbus struck a deal with budget airline VietJet for up to 150 single-aisle jets at the Paris Airshow, where industry hopes for a return to tariff-free trade were given a boost by US Transport Secretary Sean Duffy. Duffy said he wanted civil aviation to return to a 1979 zero-tariff trade agreement, in one of the clearest signs yet that the Trump administration might favour such a move. However, Duffy added that while the White House was aware that the US is a net exporter in aerospace, it was also dealing with a complex tariff situation. 'Now, again, you look at what free trade has done for aviation. It's been remarkable for them. It's a great space of net exporters,' he said. 'And so the White House understands that, but if you go over there and you see the moving parts of what they're dealing with, it is pretty intense and it's a lot.' US President Donald Trump's sweeping 10% import tariffs are a headache for an industry already battling supply chain challenges and facing fresh turbulence from last week's deadly Air India crash and conflict in the Middle East. In early May, the US Commerce Department launched a 'Section 232' national security investigation into imports of commercial aircraft, jet engines and parts that could form the basis for even higher tariffs on such imports. Airlines, planemakers and several US trading partners have been lobbying Trump to restore the tariff-free regime under the 1979 agreement. On day two of the air show, European planemaker Airbus signed a provisional deal for VietJet to buy 100 A321neo planes, with the option to buy up to 50 more in future. Vietnam's largest private airline operates an all-Airbus fleet, apart from two Chinese-made regional jets. The airline has not to date taken delivery of any of the around 200 MAX planes it has ordered from Boeing. Airbus is the main supplier of jets to Vietnam, accounting for 86% of the planes currently operated by Vietnamese airlines. However, the export-dependent Southeast Asian country is under pressure from Washington to buy more US goods. VietJet Chairwoman Nguyen Thi Phuong Thao said the scale of the airline's orders was backed by plans to develop a major aviation hub in Vietnam, which Airbus says has seen its aviation market grow by 7.5% a year. A deal for 150 A321neos could be worth around $9.4 billion, according to estimated prices provided by Cirium Ascend. The agreement was the latest in a flurry of business announced by Airbus at the world's biggest aviation trade fair. AIRASIA FINALE US rival Boeing was having a subdued show and parking announcements as it focuses on the probe into last week's fatal crash of an Air India Boeing 787 and after it racked up huge deals during Trump's recent tour of the Middle East. Attention turned to another big Airbus customer, AirAsia, long associated with buzzy show finales and looking at buying 100 A220s, with Brazil's Embraer seeking to wrest away the deal after losing a key contest in Poland, delegates said. Airbus was also expected to reveal Egyptair as the airline behind a recent unidentified order for six more A350s. But its hopes of using the event as a showcase for its first significant deal with Royal Air Maroc faded after the airline postponed plans to announce a larger Boeing deal, delegates said. None of the companies involved in last-minute air show negotiations agreed to comment. Airlines have been battling the engine industry over long waiting times for repairs on the latest generation of engines in the busiest part of the market for workhorse narrow-body jets. Pratt & Whitney commercial engines head Rick Deurloo said durability was top priority and the number of aircraft out of service while waiting for engine repairs was stabilising. Rolls-Royce CEO Tufan Erginbilgic told reporters it was 'even more true' that the British jet engine maker wanted to re-enter the narrow-body market, preferably via a partnership. On the defence side, analysts are expecting a flurry of deals as European companies tap into a surge in arms spending. Leonardo CEO Roberto Cingolani said he saw advantages to new entrants joining an Italian-British-Japanese next-generation fighter jet programme, particularly in terms of technology, but added that it would be a decision for the governments involved. He said the addition of Saudi Arabia to the Global Combat Air Programme - something that has long been mooted - would open up a big market with great potential. Startup Riyadh Air has signed a deal with Rolls-Royce for 116 Trent XWB-97 engines that will power its Airbus large wide-body fleet, the Saudi airline said on Tuesday. The company said in a statement that the deal, which was signed at the Paris Airshow, was worth several billion dollars, without providing a specific figure. The engines will power 50 Airbus A350-1000 jets, Riyadh Air said, after the airline signed a deal on Monday to buy 25 of the jets with an option for 25 more. Riyadh Air is set to commence operations later this year and its fleet orders amount to 182 aircraft across three fleet types. Agencies
