Abu Dhabi’s renewable energy firm Masdar and Spanish power utility Endesa are nearing a deal where Masdar would pay approximately USD 200M for a 49.9% stake in a solar portfolio managed by Endesa, according to two sources familiar with the matter and a document reviewed by Reuters.
The deal, involving a portfolio of around 450 megawatts, strengthens the existing partnership between the companies and would enhance Masdar’s presence in Spain, a nation it views as essential for its European expansion.
“While we do not comment on market speculation, we continue to explore opportunities in the region as we expand towards our global target of 100 gigawatts by 2030,” stated a spokesperson for state-owned Masdar.
The deal aligns with the strategy of Italy’s Enel, which owns Endesa, to sell minority stakes in certain projects to manage debt effectively while retaining control of the assets.
In July last year, Masdar acquired a minority stake in a 2-gigawatt (GW) solar portfolio operated by Endesa.
In September, it purchased the green energy company Saeta Yield from Canada’s Brookfield in a transaction worth USD 1.4B.
The UAE’s power and water company TAQA, the national oil company ADNOC, and the sovereign wealth fund Mubadala Investment Company own Masdar.
The Masdar spokesperson highlighted previous deals with Enel, the acquisition of Saeta, and the majority stake in the Greek renewable energy firm Terna as part of efforts to “further expand our European footprint.”
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