Masdar (Abu Dhabi Future Energy Company) has agreed to acquire a 49.99% stake in 2.5 gigawatts (GW) of renewable energy assets in Spain from Endesa, subject to regulatory approvals and other conditions.
Endesa is a subsidiary of Italy’s Enel.
The clean energy giant will invest EUR 817M in the transaction, valuing the portfolio at EUR 1.7B, making it one of Spain’s largest renewable energy deals.
The portfolio comprises 48 operational solar plants with a combined capacity of 2GW. Masdar and Endesa intend to add 0.5GW of battery energy storage systems (BESS) to these projects.
Dr Sultan Al Jaber, UAE Minister of Industry and Advanced Technology, chairman of Masdar, and COP28 president, stated, “This partnership underscores our commitment to unlocking clean energy capacity in Spain, Europe, and globally, supporting the COP28 UAE Consensus to triple renewable energy capacity by 2030. Masdar is accelerating its ambitious growth plans as we target 100GW of renewable energy capacity by the end of the decade.”
Masdar supports energy transition in Europe
The acquisition supports Spain’s National Energy and Climate Plan (NECP) and the EU’s net-zero targets by 2050.
Flavio Cattaneo, CEO of Enel Group, said, “We are pleased to start this partnership with Masdar and look forward to similar transactions in other regions.”
This deal aligns with Masdar’s ambitious growth strategy in Europe. Recently, Masdar announced an agreement to acquire 67% of Greece’s TERNA ENERGY, pending regulatory approvals.
TERNA ENERGY aims to achieve 6GW of renewable energy capacity by 2030.
In March, the UAE-based clean energy giant and Spain’s Iberdrola finalised the 476MW Baltic Eagle offshore wind project in Germany’s Baltic Sea.
The company’s existing projects in Spain include the Almenara 1.2GW solar photovoltaic (PV) development in Castilla-La Mancha.
