Abu Dhabi-based clean energy conglomerate Masdar announced it is investing €817 million ($898.7 million) to acquire a nearly 50 per cent stake in Spain’s utility giant Endesa SA. The deal, which has an enterprise value of €1.7 billion ($1.87 billion), will see Masdar become a partner for 2.5 gigawatts of renewable energy assets in Spain, with potential for up to 0.5GW of battery energy storage systems (BESS). The deal is subject to regulatory approvals.
The portfolio includes 48 operational solar plants, which is crucial for helping Spain meet its National Energy and Climate Plan (NECP) and the EU’s net-zero target by 2050. This transaction is touted to be one of Spain’s largest renewable energy deals in recent years and reinforces Masdar’s commitment to advancing renewable energy in Spain and Europe.
Alongside the acquisition, Masdar and Endesa, an Italian energy giant Enel subsidiary, signed a MoU to explore further collaboration on renewable energy projects in Spain.
Dr Sultan Al Jaber, UAE Minister of Industry and Advanced Technology and Chairman of Masdar, said that Masdar is accelerating its ambitious growth plans. It targets 100 GW of renewable energy capacity by the end of the decade.
Al Jaber also said, “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, supporting the global mandate enshrined in the COP28’s UAE Consensus to triple renewable energy capacity by 2030 enabling a just, orderly and equitable energy transition.”
Meanwhile, Flavio Cattaneo, the CEO of Enel Group, said he hopes to execute similar deals with Masdar in other geographies.
Commenting on the Endesa deal, Mohamed Jameel Al Ramahi, CEO of Masdar, said, “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 significantly support Spain and the wider EU in meeting their net-zero ambitions.”
Masdar’s ongoing projects in Spain include the 1.2GW Almenara solar PV project in Castilla la Mancha. This new partnership with Endesa solidifies Masdar’s position in Spain’s solar market and supports its goal of achieving 100 GW of global renewable energy capacity by 2030.
In recent years, Masdar has made several other energy acquisitions in Europe, including a 67 percent stake in Greece’s Terna Energy SA. The company targets 6GW of renewable capacity by 2030. Masdar said it has also reached financial closure on the 476MW Baltic Eagle offshore wind project with Spain’s Iberdrola earlier this year.
