Masdar Expands Endesa Partnership With AED 1.4 Billion Investment In Solar Energy Assets

Masdar, a leading clean energy company in the UAE, has announced its plan to acquire a 49.99% stake in four solar plants in Spain from Endesa S.A. These plants have a combined capacity of 446 megawatts (MW). The deal, pending regulatory approval, involves an investment of AED702 million (€184 million) by Masdar. The total enterprise value of these assets is AED1.4 billion (€368 million).

This acquisition is part of Masdar's strategy to expand its renewable energy footprint in Europe, particularly in the Iberian Peninsula. It follows a previous agreement with Endesa to collaborate on over 2GW of solar projects in Spain, including potential battery storage additions of 0.5GW.

Mohamed Jameel Al Ramahi, CEO of Masdar, stated: "This acquisition further reflects Masdar’s commitment to supporting Europe’s decarbonisation goals and advancing the global energy transformation. It also marks another significant step in our strategic expansion in the Iberian Peninsula and Europe, adding to our growing portfolio on the continent. Strengthening our partnership with Endesa positions us to unlock new renewable energy opportunities across Europe and beyond, while driving sustainable growth and boosting prosperity."

Flavio Cattaneo, CEO of Enel Group, which owns Endesa, commented: "With this transaction, we are renewing the cooperation launched last year with a major player such as Masdar. The agreement signed today demonstrates our commitment to accelerate the energy transition also in partnership with large international industrial groups, in line with our Strategic Plan."

The ongoing collaboration between Masdar and Endesa is crucial for Spain's National Energy and Climate Plan (NECP) targets. Last year, Masdar acquired Saeta, a renewables platform with 745MW of wind assets and a development pipeline of 1.6GW in Spain and Portugal.

This latest acquisition increases Masdar's operational capacity in the Iberian Peninsula to 3.2GW. This move aligns with their commitment to helping the EU achieve its net-zero emissions target by 2050.

Future Opportunities and Collaborations

Recently, Masdar signed a Memorandum of Understanding (MoU) with Enel Group to explore renewable energy opportunities in Italy, Spain, and Germany. This agreement highlights their dedication to expanding renewable energy initiatives across Europe.

Masdar's strategic investments and partnerships demonstrate its role as a key player in advancing renewable energy solutions globally while supporting regional decarbonisation efforts.

With inputs from WAM