Abu Dhabi Future Energy Company PJSC – Masdar – has reached an agreement with Endesa to become a partner in 2.5 GW of renewable energy assets in Spain, subject to regulatory approvals and other conditions. The transaction would see Masdar invest €817 million to acquire a 49.99% stake, with an enterprise value of €1.7 billion, representing one of Spain’s biggest renewable energy deals.
The portfolio Masdar plans to acquire consists of 48 operational solar plants of 2 GW aggregated capacity. Endesa and Masdar aim to add 0.5GW of battery energy storage systems (BESS) to the projects.
These solar projects will play an important role in supporting Spain to meet its National Energy and Climate Plan (NECP) and the EU’s net zero by 2050 targets.
In addition to the acquisition agreement, Masdar and Endesa have signed a Memorandum of Understanding to explore an alliance aimed at jointly developing renewable energy projects in Spain.
The deal reflects Masdar’s ambitious growth plans in Europe, having recently announced that it has reached a definitive agreement with Greece’s GEK TERNA SA to initially acquire 67% of the company’s outstanding shares, subject to regulatory approvals and other conditions. And in March this year, Masdar and Iberdrola also reached financial close on the 476 MW Baltic Eagle offshore wind project located in the Baltic Sea off the coast of Germany. Masdar’s existing presence in Spain includes the Almenara 1.2 GW solar photovoltaic project in the Castilla la Mancha region of Spain currently under development.
