Masdar expands Endesa ties with $397m renewable deal
Abu Dhabi Future Energy Company (Masdar), the UAE's clean energy leader, has announced an agreement with Endesa SA to acquire a 49.99 percent stake in four solar plants in Spain, with a total capacity of 446 megawatts (MW).
The transaction, which is subject to regulatory approvals and other conditions, would see Masdar invest €184 million ($198.77 million) for the stake in the assets, which have an enterprise value of €368 million ($397.54 million).
These operating assets mark a significant milestone in Masdar's continued growth in the Iberian Peninsula and across Europe, and further its commitment to advancing the region's renewable energy ambitions. The proposed acquisition follows last year's agreement between Masdar and Endesa to partner in a portfolio of over 2GW of solar assets, with the potential to add 0.5GW of battery storage, in one of Spain's biggest renewable energy transactions in recent years, the company said.
Mohamed Jameel Al Ramahi, Chief Executive Officer of Masdar, said: "This acquisition further reflects Masdar's commitment to supporting Europe's decarbonisation goals and advancing the global energy transformation. It also marks another significant step in our strategic expansion in the Iberian Peninsula and Europe, adding to our growing portfolio on the continent. Strengthening our partnership with Endesa positions us to unlock new renewable energy opportunities across Europe and beyond, while driving sustainable growth and boosting prosperity."
"With this transaction, we are renewing the cooperation launched last year with a major player such as Masdar," said Flavio Cattaneo, Enel Group CEO.
"The agreement demonstrates our commitment to accelerate the energy transition also in partnership with large international industrial groups, in line with our Strategic Plan."
Masdar's continued partnership with Endesa is expected to play a significant role in helping Spain meet its National Energy and Climate Plan (NECP) targets. Last year, Masdar also acquired Saeta, an established renewables platform with an operating portfolio of 745MW of predominantly wind assets, and a 1.6GW development pipeline in Spain and Portugal. This latest transaction brings Masdar's total operational capacity in the Iberian Peninsula to 3.2GW.
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