UAE-based Abu Dhabi Future Energy Company (Masdar) announced its agreement with Endesa to acquire a 49.99 percent stake in 2.5 GW of renewable energy assets in Spain.
Masdar will invest €817 million to acquire 49.99 percent stake from Endesa, a subsidiary of the Italian energy giant Enel, with an enterprise value of €1.7 billion, representing one of Spain’s biggest renewable energy deals.
Masdar will acquire 48 operational solar plants of 2GW aggregated capacity. Endesa and Masdar aim to add 0.5GW of battery energy storage system (BESS) to the projects.
The deal demonstrates Masdar’s commitment to accelerating the energy transition in Spain and Europe, and these solar projects will play an important role in supporting Spain to meet its National Energy and Climate Plan (NECP) and the EU’s net zero by 2050 targets.
In addition to the acquisition Share Purchase Agreement (SPA), Masdar and Endesa have signed a MoU to explore an alliance aimed at jointly developing renewable energy projects in Spain.
Masdar recently announced its agreement with Greece’s GEK TERNA and other shareholders of TERNA ENERGY to acquire 67 percent stake. TERNA ENERGY is targeting renewable energy operational capacity of 6GW by 2030.
In March this year, Masdar and Spain’s Iberdrola reached financial close on the 476MW Baltic Eagle offshore wind project located in the Baltic Sea off the coast of Germany.
Masdar’s existing presence in Spain includes the Almenara 1.2GW solar photovoltaic (PV) project in the Castilla la Mancha region of Spain currently under development.
Masdar is jointly owned by TAQA, ADNOC, and Mubadala; Endesa is a subsidiary of the Italian energy giant Enel.
Recently Masdar, which is aiming to achieve capacity of 100GW by 2030, has raised $1 billion through its second green bond issuance, under its Green Finance Framework.
Last year, Masdar raised $750 million on the International Securities Market of the London Stock Exchange.