The Abu Dhabi Future Energy Company (Masdar) has signed an agreement with Spanish energy firm Endesa to invest in 2.5 gigawatts (GW) of renewable energy assets in the European nation.
Masdar will invest €817 million (Dh3.27 billion) for a 49.99% stake in the project, which has an enterprise value of €1.7 billion. The deal, which would become one the largest renewable energy agreements signed in Spain, is subject to regulatory approval.
The acquisition includes 48 operational solar plants with a combined capacity of 2GW. Additionally, Masdar and Endesa plan to add 0.5GW of battery energy storage to these projects. Alongside the acquisition, Masdar and Endesa signed a Memorandum of Understanding (MoU) to explore future renewable energy projects in Spain.
Commenting on the acquisition, HE Dr Sultan Al Jaber, UAE Minister of Industry and Advanced Technology, Chairman of Masdar and COP28 President, said, “Building on Masdar’s global expertise and pioneering approach to renewable energy innovation and development, this partnership underscores our commitment to unlocking clean energy capacity in Spain, Europe, and around the world, supporting the global mandate enshrined in the COP28’s UAE Consensus to triple renewable energy capacity by 2030 enabling a just, orderly and equitable energy transition.”
Flavio Cattaneo, CEO of Enel Group, added, “We are pleased that Enel, through its subsidiary Endesa, has started this partnership with a major player such as Masdar and, looking ahead, we hope that we will be able to carry out similar transactions in other geographies.”
Mohamed Jameel Al Ramahi, Chief Executive Officer of Masdar, commented: “This deal with Endesa will play a significant role in supporting Spain and the wider EU in meeting their net-zero ambitions.”
Masdar also has a presence in Spain through the Almenara 1.2GW solar PV project in Castilla la Mancha and has collaborated with Spain’s Iberdrola on the 476MW Baltic Eagle offshore wind project in Germany.
This partnership enhances Masdar’s standing as a global energy partner and supports Spain’s National Energy and Climate Plan (NECP) and the EU’s net-zero targets by 2050. The UAE-based energy firm also has set itself a target of achieving 100GW capacity by 2030.
Advisers for the acquisition include BNPP, Linklaters, UL, PwC, and PexaPark, with financing from BNPP, Santander, Intesa, ADCB, FAB, and SMBC.
