Masdar, the United Arab Emirates’ leading clean energy company, has announced a significant agreement with Endesa S.A. to acquire a 49.99% stake in 2.5 GW of renewable energy assets in Spain.
This transaction, pending regulatory approvals, represents a substantial investment of €817 million with an enterprise value of €1.7 billion, marking a landmark deal in the Spanish renewable energy sector.
Expanding Solar and Battery Storage Portfolio
The portfolio Masdar intends to acquire comprises 48 operational solar plants with a combined capacity of 2 GW.
Endesa and Masdar plan to further enhance these projects by adding 0.5 GW of battery energy storage systems (BESS), showcasing their commitment to advancing energy storage technologies.
Reinforcing Masdar’s Global Leadership
This partnership strengthens Masdar’s position as a trusted global energy partner, collaborating with governments, investors, developers, and communities worldwide.
The deal underscores Masdar’s dedication to driving the energy transition in Spain and across Europe. These solar projects will play a pivotal role in supporting Spain’s efforts to achieve its National Energy and Climate Plan (NECP) targets and the EU’s ambitious goal of net zero emissions by 2050.
Exploring Future Collaboration in Spain
In addition to the acquisition agreement, Masdar and Endesa have signed a Memorandum of Understanding (MoU) to explore a strategic alliance aimed at jointly developing future renewable energy projects within Spain.
Masdar already has an established presence in Spain, with the Almenara 1.2 GW solar photovoltaic (PV) project currently under development in the Castilla la Mancha region.
CEO Highlights Growth Ambitions and Strategic Partnership
Mohamed Jameel Al Ramahi, CEO of Masdar, expressed his enthusiasm about the partnership, stating, “By forming a strategic partnership in Spain with Endesa for 2.5 GW of solar and battery storage assets, we are making significant progress in our ambitious growth plans within one of Europe’s largest renewable energy markets.
This collaboration with Endesa will be instrumental in supporting Spain and the broader EU in fulfilling their net-zero goals. We are also pleased to sign an MoU with Endesa, establishing them as our preferred partner for upcoming solar projects.”