Masdar, the Abu Dhabi Future Energy Company PJSC, announced an agreement with Endesa S.A. to acquire a 49.99 percent stake in four solar plants located in Spain, boasting a total capacity of 446 megawatts (MW). This transaction, subject to the necessary regulatory approvals and additional conditions, will see Masdar invest AED702 million (EUR184 million or $198.8 million) for the stake in these assets, which carry an enterprise value of AED1.4 billion (EUR368 million).
These operational assets represent a notable milestone in Masdar’s ongoing growth within the Iberian Peninsula and throughout Europe, further enhancing its commitment to advancing renewable energy ambitions in the region. The proposed acquisition follows last year’s agreement between Masdar and Endesa, which involved a partnership on a portfolio exceeding 2GW of solar assets, with the potential to incorporate 0.5GW of battery storage. This collaboration is regarded as one of Spain’s most substantial renewable energy transactions in recent years, according to a statement.
Commitment to decarbonization goals
Mohamed Jameel Al Ramahi, chief executive officer of Masdar, stated: “This acquisition further reflects Masdar’s commitment to supporting Europe’s decarbonization 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,” Flavio Cattaneo, Enel Group CEO, remarked. “The agreement signed today demonstrates our commitment to accelerate the energy transition also in partnership with large international industrial groups, in line with our Strategic Plan.”
Contribution to national energy targets
Masdar’s ongoing collaboration with Endesa is anticipated to significantly contribute to Spain’s National Energy and Climate Plan (NECP) targets. In the previous year, Masdar also acquired Saeta, a well-established renewables platform featuring an operating portfolio of 745MW, predominantly consisting of wind assets, along with a 1.6GW development pipeline in Spain and Portugal. This latest transaction elevates Masdar’s total operational capacity in the Iberian Peninsula to 3.2GW.
Support for EU’s net-zero targets
Masdar is dedicated to aiding the EU in achieving its 2050 net-zero targets. Last month, Masdar and the global energy leader Enel Group, to which Endesa belongs, signed a Memorandum of Understanding (MoU) to explore potential renewable energy opportunities in various countries, including Italy, Spain, and Germany.
