Masdar has reached an agreement with Enel subsidiary Endesa to become a joint owner of 2500MW of renewable energy assets in Spain, subject to regulatory approvals and other conditions.
The transaction would see Masdar invest €817m to acquire a 49.99% stake in the projects, with an enterprise value of €1.7bn, representing one of Spain’s biggest renewable energy deals.
The portfolio Masdar plans to acquire consists of 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 partnership reinforces Masdar’s reputation as a trusted global energy partner for governments, investors, developers, and communities, the UAE-based developer said.
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, it added.
In addition to the acquisition share purchase agreement (SPA), Masdar and Endesa have signed a memorandum of understanding (MoU) to explore an alliance aimed at jointly developing renewable energy projects in Spain.
Dr Sultan Al Jaber, chairman of Masdar, 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.
“Masdar is accelerating its ambitious growth plans as we target 100GW of renewable energy capacity by the end of the decade.”
Flavio Cattaneo, chief executive of Enel Group, added: “We are pleased that Enel, through its subsidiary Endesa, has started this partnership with a major player such as Masdar and, looking ahead, we hope that we will be able to carry out similar transactions in other geographies.”