In a landmark move set to bolster renewable energy initiatives in Spain, Masdar, the UAE’s leading clean energy company, announced today that it has entered into an agreement with Endesa S.A. to acquire a substantial stake in Spain’s renewable energy sector. This partnership involves Masdar investing €817 million for a 49.99% stake in a portfolio valued at €1.7 billion, marking it as one of the largest renewable energy deals in Spain to date. This acquisition is subject to regulatory approvals and other conditions.
The agreement with Endesa will allow Masdar to partner on 2.5 gigawatts (GW) of renewable energy assets across Spain. The transaction includes acquiring 48 operational solar plants with a combined capacity of 2GW. As part of the deal, Masdar and Endesa aim to enhance these projects by adding 0.5GW of battery energy storage systems (BESS), reinforcing Masdar’s status as a reliable global energy partner for governments, investors, developers, and communities.
This strategic move reflects Masdar’s commitment to accelerating the energy transition in Spain and throughout Europe. The solar projects are expected to play a vital role in helping Spain meet its National Energy and Climate Plan (NECP) and the European Union’s target of achieving net zero emissions by 2050.
In addition to the acquisition, Masdar and Endesa have signed a Memorandum of Understanding (MoU) to explore future collaborations on renewable energy projects in Spain. This MoU signifies a commitment to ongoing cooperation between the two companies.
Masdar’s expansion in Europe is evident with this deal and recent moves, such as its definitive agreement to acquire a 67% stake in TERNA ENERGY SA, a leading renewable energy company in Greece, as part of its strategy to expand its European footprint. TERNA ENERGY targets a renewable energy operational capacity of 6GW by 2030, subject to regulatory approvals and other conditions.
Furthermore, earlier this year, Masdar and Spain’s Iberdrola reached a financial close on the 476MW Baltic Eagle offshore wind project in the Baltic Sea off Germany’s coast. In Spain, Masdar is currently developing the Almenara 1.2GW solar photovoltaic (PV) project in the Castilla La Mancha region, showcasing its strong commitment to expanding its presence in the Spanish renewable energy market.
Masdar, jointly owned by TAQA, ADNOC, and Mubadala, collaborates with Endesa, a subsidiary of the Italian energy giant Enel. This partnership aligns with Masdar’s ambitious goal to reach 100GW of renewable energy capacity by 2030.
HE Dr. Sultan Al Jaber, UAE Minister of Industry and Advanced Technology, Chairman of Masdar, and COP28 President, emphasized the significance of the partnership:
“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. We are committed to supporting the global mandate outlined in COP28’s UAE Consensus to triple renewable energy capacity by 2030, enabling a just, orderly, and equitable energy transition. Masdar is accelerating its ambitious growth plans as we target 100GW of renewable energy capacity by the end of the decade.”
Flavio Cattaneo, CEO of Enel Group, expressed optimism about the collaboration:
“We are pleased that Enel, through its subsidiary Endesa, has started this partnership with a major player such as Masdar. Looking ahead, we hope to undertake similar transactions in other regions.”
Mohamed Jameel Al Ramahi, Chief Executive Officer of Masdar, highlighted the strategic importance of the deal:
“By forging a strategic partnership in Spain with Endesa for 2.5GW of solar and battery storage assets, we are taking a significant step forward in our ambitious growth plans in one of Europe’s largest renewables markets. This deal with Endesa will play a significant role in supporting Spain and the wider EU in meeting their net-zero ambitions. We are delighted to also sign an MoU with Endesa to become their preferred partner for future solar projects.”
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