Masdar to expand Endesa partnership in $381mln renewable energy transaction
The transaction, which is subject to regulatory approvals and other conditions, would see Masdar invest AED702 million (€184 million) for the stake in the assets, which have an enterprise value of AED1.4 billion (€368 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.
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,' Flavio Cattaneo, Enel Group CEO, said. '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.'
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.
Masdar is committed to supporting the EU reach its 2050 net-zero targets. Last month, Masdar and global energy leader Enel Group, to which Endesa belongs, signed a Memorandum of Understanding (MoU) to explore potential renewable energy opportunities in countries including Italy, Spain, and Germany.
HM
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Gulf Business
3 days ago
- Gulf Business
Dubai Metro's AC overhaul: What RTA is doing to keep summer riders cool
Image credit: Dubai Media Office/Website Dubai's Roads and Transport Authority (RTA), through its Rail Agency, has completed Phase 2 of a major ventilation and air conditioning (VAC) overhaul across stations on the Red and Green Lines of the Dubai Metro. Read- The project is part of RTA's Strategic Plan 2024–2030, focusing on passenger comfort, operational efficiency, customer satisfaction, and long-term sustainability of assets. It also aligns with RTA's broader vision to be a global leader in seamless and sustainable mobility, This milestone underscores the partnership between RTA and Keolis-MHI, the Dubai Metro and Tram operator, in maintaining service excellence—especially during the city's demanding summer season. 876 assets upgraded across 14 stations Phase 2 saw the overhaul of 876 VAC assets across 14 stations and two car parks along the Red Line. Notably, the project was completed without any disruption to train operations. This builds on the success of Phase 1, which covered 261 assets across 13 stations. The 10-month program was carefully scheduled during off-peak hours and night shifts to ensure smooth station operations and uninterrupted service for commuters. Next phase to focus on energy efficiency Preparations are already underway for Phase 3, which will target the remaining 25% of public-area fan coil units (FCUs) and air handling units (AHUs) located in back-of-house and critical rooms across Red Line stations. Testing and verification work began in mid-July 2025. The RTA is continuing its VAC Enhancement Project with a focus on energy optimisation and a potential shift toward variable flow technology—part of a broader effort to enhance sustainability and reduce energy consumption system-wide.
Khaleej Times
3 days ago
- Khaleej Times
Masdar and Iberdrola achieve financial close for €5.2 billion East Anglia offshore wind project
Masdar, a global clean energy leader, and Iberdrola, one of the world's largest energy companies, today announced they have reached financial close for the 1.4-gigawatt (GW) East Anglia Three offshore windfarm, in one of the biggest offshore wind transactions this decade. Project financing facilities totalling £3.6 billion (€4.1 billion) have been secured with 23 banks and the Danish Export Credit Agency (EIFO), in one of the biggest such transactions in the sector and the largest ever by Masdar. The financing will cover a substantial part of the total project costs, estimated at approximately €5.2 billion. The facility was oversubscribed by more than 40 per cent, reflecting lenders' confidence in the project's fundamentals and the robustness of the partners. Mohamed Jameel Al Ramahi, chief executive officer, Masdar, said: 'The level and profile of investor interest in this financing deal – the largest we have ever signed at Masdar – reflects our position as a global leader in sustainable finance and investor appetite for high-quality renewable energy assets that deliver impact at scale. Today's announcement represents a significant step forward in our partnership with Iberdrola – and in the UK's clean energy journey, supporting the nation in meeting its energy transformation objectives. We look forward to collaborating further with Iberdrola on other gigawatt-scale greenfield projects that will help shape the future of clean energy in the UK and beyond.' Masdar and Iberdrola announced their co-investment in East Anglia Three this month, with each party taking a 50 per cent stake and having co-governance of the 1.4GW asset, which will be pivotal in advancing Europe's ambitious offshore wind development targets. Located off the Suffolk coast in the UK, East Anglia Three will become one of the world's two largest offshore wind farms when it comes into operation in Q4 2026, delivering enough clean energy to power 1.3 million British homes. The project benefits from long-term revenue security through a 15-year CPI-linked Contract for Difference (CfD) awarded in the UK Government's AR4 and AR6 auctions, as well as a Power Purchase Agreement (PPA) with Amazon signed in 2024. Over 2,300 jobs are expected to be created during construction, with 100 long-term roles supported across its lifetime. The co-investment in East Anglia Three marks a significant milestone in the €15 billion strategic partnership Masdar and Iberdrola signed in December 2023 – one of the largest ever bilateral alliances in the global clean energy sector – to accelerate clean energy deployment across key markets including the United Kingdom, Germany, and the United States. The participating banks in the East Anglia Three financing are: BBVA, HSBC, ING, NatWest, SMBC, MUFG, Bank of China, Crédit Agricole, CaixaBank, Santander, BNP Paribas, Helaba, Barclays, ANZ, Rabobank, FAB, ICO, Abanca, Kutxabank, Standard Chartered Bank, Bank of Ireland, CIC and Siemens Bank.
Emirates 24/7
3 days ago
- Emirates 24/7
RTA Completes Largest Overhaul of Ventilation and Air Conditioning Systems
Dubai's Roads and Transport Authority (RTA), through its Rail Agency, has completed the second phase of a comprehensive overhaul of the ventilation and air conditioning systems at stations along the Red and Green Lines of the Dubai Metro. The project falls under RTA's Strategic Plan 2024–2030, covering key pillars such as passenger comfort, customer happiness, operational efficiency, and long-term asset sustainability, in line with RTA's vision as the Global Leader in Seamless and Sustainable Mobility. This achievement marks another milestone in the joint commitment between RTA and Keolis-MHI to enhance service quality and ensure infrastructure readiness, particularly during Dubai's peak summer season. The proactive project aims to extend the lifecycle of vital assets while ensuring consistent performance and long-term reliability of station cooling systems. In Phase 2, a total of 876 ventilation and air conditioning assets were overhauled across 14 stations and two car parks along the Red Line, with no impact on train operations. This phase builds on the successful completion of Phase 1, which covered 261 assets across 13 stations. Passenger comfort and operational resilience are core pillars of RTA's maintenance strategy. The successful delivery of this phase has significantly improved cooling performance and reliability across the network, while ensuring uninterrupted metro service—a clear testament to the commitment and coordination of all maintenance teams involved. The extensive works included the replacement and refurbishment of key components such as air handling units (AHUs), fan coil units (FCUs), chilled water pumps, extract fans, smoke extract fans, and pressurisation units. The project scope also encompassed tasks such as bearing and cooling coil replacement, deep cleaning and dynamic balancing—restoring all equipment to its original design performance. The summer season presents the greatest challenge for any public transport system in the region, where trains arrive every few minutes, doors open every 2–4 minutes, and large volumes of hot air continuously enter station environments. This makes it essential for ventilation and cooling systems to operate at optimal capacity, maintaining a consistent internal temperature of 24 to 25°C across the network to ensure a comfortable journey for all passengers, regardless of external conditions. The 10-month programme was meticulously scheduled to take place outside peak hours and during night shifts to ensure smooth station operations and a seamless passenger experience throughout the entire execution period. Preparations are already underway for Phase 3, which will target the remaining 25% of public-area FCUs, in addition to the back-of-house and critical room AHUs across Red Line stations. Experimental and verification works for this phase began in mid-July 2025. RTA is progressing with its Ventilation and Air Conditioning (VAC) Enhancement Project, which aims to explore opportunities for energy optimisation and a shift toward variable flow technology. The success of the project is the result of close coordination between RTA's Rail Agency and Keolis-MHI, responsible for operating and maintaining the Dubai Metro, as well as operating the Dubai Tram. This collaboration reflects the strength of the strategic partnership in delivering world-class service standards across the Dubai Metro network.
