Masdar And Endesa Finalise €368 Million Acquisition Of Solar PV Portfolio To Boost Renewable Energy Capacity

Masdar, a leader in clean energy, has finalised the purchase of a 49.99% stake in four operational solar PV plants from Enel Green Power España S.L., a subsidiary of Endesa S.A. This acquisition, valued at €368 million, involves Masdar investing €69 million in equity and securing €115 million in acquisition financing.

The deal adds 446 megawatts (MW) of solar capacity to Masdar's European portfolio, aligning with its strategy to expand renewable energy capabilities across Europe.

This agreement strengthens the partnership between Masdar and Endesa, following Masdar's earlier acquisition of a 49.99% stake in 2 GW of solar assets from Endesa in 2024. The transaction is one of Spain’s largest renewable energy deals recently and includes plans for up to 0.5GW of battery storage. This move increases Masdar’s total gross operational capacity in the Iberian Peninsula to 3.2GW, with over 2GW in development.

Earlier this year, Masdar and Enel Group signed a Memorandum of Understanding (MoU) to explore renewable energy opportunities in Italy, Spain, and Germany. Mohamed Jameel Al Ramahi, CEO of Masdar, stated that the acquisition aligns with their global strategy to expand renewable energy capacity and demonstrates their long-term commitment to Europe.

The operating assets acquired by Masdar support its commitment to advancing renewable energy ambitions in the region and aiding the EU's goal of achieving net-zero emissions by 2050. Spain remains a key focus for Masdar due to its dynamic solar energy market and ambitious NECP targets. The country is pivotal for Masdar’s European growth platform.

Flavio Cattaneo, CEO of Enel Group, expressed satisfaction with the transaction's completion, highlighting it as another milestone in their partnership with Masdar. He looks forward to continuing collaboration to accelerate the energy transition.

In late 2024, Masdar completed a €1.2 billion acquisition of Saeta Yield, an Iberian renewables platform with a portfolio of 2.3GW. Saeta now serves as Masdar’s primary regional hub on the Iberian Peninsula. BNP Paribas acted as transaction advisor for this latest deal, while Linklaters provided legal advice.

UL served as technical advisor and PwC as tax advisor for the acquisition. Financing was partially secured through BNPP, Santander, Intesa Sanpaolo, ADCB, and FAB. This strategic move enhances Masdar’s position in Spain and supports its broader expansion plans across Southern Europe.

The transaction positions Masdar well for future growth while contributing to decarbonising the energy grid and meeting domestic and EU climate targets by expanding its renewable capacity towards its global ambition of reaching 100GW by 2030.

With inputs from WAM