Masdar, Endesa expand partnership for Dhs1.4bn renewable energy deal
Masdar has reached an agreement with Endesa to acquire a 49.99 per cent stake in four solar plants in Spain.
The plants have a combined capacity of 446 megawatts (MW).
The deal, which is subject to regulatory approvals and other conditions, will see Masdar invest Dhs702m (EUR184m) for the stake in the solar assets, which have an enterprise value of Dhs1.4bn (EUR368m).
This acquisition marks a significant milestone in Masdar's expansion in the Iberian Peninsula and across Europe.
We are delighted to announce our expanded partnership with
— Masdar (@Masdar)
Strategic move for growth in Europe
The proposed acquisition follows a previous agreement between Masdar and Endesa, which was signed last year.
The two companies partnered on a portfolio of over 2 gigawatts (GW) of solar assets, with the potential to add an additional 0.5GW of battery storage.
The partnership was one of Spain's largest renewable energy transactions in recent years.
Mohamed Jameel Al Ramahi, CEO of Masdar, commented: '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.'
Strengthening partnerships for energy transition
Flavio Cattaneo, CEO of Enel Group, which owns Endesa, said: 'With this transaction, we are renewing the cooperation launched last year with a major player such as Masdar. 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.'
The ongoing partnership between Masdar and Endesa is expected to play a key role in helping Spain meet its National Energy and Climate Plan (NECP) targets. Masdar has been active in the Iberian Peninsula in recent years, acquiring Saeta, a renewable energy platform with an operating portfolio of 745MW, primarily wind assets, and a 1.6GW development pipeline across Spain and Portugal.
With this latest acquisition, Masdar's total operational capacity in the Iberian Peninsula reaches 3.2GW.
Masdar-Endesa: Supporting the EU's net-zero targets
Masdar remains committed to supporting the European Union's 2050 net-zero targets.
Last month, the company signed a memorandum of understanding (MoU) with Enel Group, which owns Endesa, to explore potential renewable energy opportunities in countries such as Italy, Spain, and Germany.
This latest acquisition further solidifies Masdar's role as a key player in Europe's clean energy transition, contributing to the region's renewable energy goals and sustainable growth.
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