Masdar partners with Endesa in €1.7 billion renewable energy transaction in Spain
Abu Dhabi Future Energy Company PJSC – Masdar, the UAE’s clean energy leader, has announced an agreement with Endesa S.A. to become a partner in 2.5 gigawatts of renewable energy assets in Spain. This transaction, pending regulatory approvals and other conditions, involves Masdar investing €817 million to acquire a 49.99 percent stake in the assets, with an enterprise value of €1.7 billion, marking one of Spain’s largest renewable energy deals.
The portfolio Masdar intends to acquire includes 48 operational solar plants with a combined capacity of 2GW. Additionally, Endesa and Masdar plan to integrate a 0.5GW battery energy storage system into the projects. This partnership enhances Masdar’s standing as a reliable global energy partner for governments, investors, developers, and communities.
This deal underscores Masdar’s dedication to accelerating the energy transition in Spain and Europe. The solar projects will significantly contribute to Spain’s National Energy and Climate Plan and the EU’s net-zero by 2050 targets.
Beyond the acquisition Share Purchase Agreement, Masdar and Endesa have also signed a Memorandum of Understanding to explore a joint development of renewable energy projects in Spain.
This partnership reflects Masdar’s ambitious expansion plans in Europe. Recently, Masdar announced a definitive agreement with Greece’s GEK TERNA SA and other shareholders of TERNA ENERGY SA to initially acquire 67 percent of the company’s outstanding shares, pending regulatory approvals and other conditions. With a robust portfolio of projects in Greece and Europe, TERNA ENERGY aims for a renewable energy operational capacity of 6GW by 2030.
In March, Masdar and Spain’s Iberdrola reached financial close on the 476MW Baltic Eagle offshore wind project located in the Baltic Sea off the coast of Germany.
Masdar’s current presence in Spain includes the Almenara 1.2GW solar photovoltaic project in the Castilla la Mancha region, which is under development.
Masdar is jointly owned by TAQA, ADNOC, and Mubadala, while Endesa is a subsidiary of the Italian energy giant Enel.
For more information visit www.masdar.ae
source: https://tanknewsinternational.com/masdar-partners-with-endesa-in-e1-7-billion-renewable-energy-transaction-in-spain/