Enel S.p.A. (Enel) informs that EGPE1, a Group company controlled through Endesa, has closed the sale to Masdar, the UAE’s clean energy leader, of a minority stake, equal to 49.99% of the share capital, in EGPE Solar 24, a vehicle encompassing four Endesa photovoltaic assets operating in Spain, for an overall installed capacity of 446 MW.
In line with the agreement signed on March 24th, 2025, Masdar paid a consideration of 184 million euros for the acquisition of 49.99% of the share capital of EGPE Solar 2, an amount subject to adjustments customary for these kinds of transactions. The enterprise value on a 100% basis of EGPE Solar 2 recognized in the agreement is equal to 368 million euros.
This transaction, which follows the partnership with Masdar finalized in December 2024 relating to a 2 GW portfolio of other solar assets already operating in Spain, is in line with the “Partnership” business model outlined by Enel in its 2025-2027 Strategic Plan to retain control of strategic assets while maximizing productivity and returns on invested capital.
The deal is set within the framework of a long-term partnership with Masdar, which also foresees 15-year power purchase agreements (PPAs) under which Endesa, through a subsidiary, is expected to acquire the
energy generated by the photovoltaic plants involved in the deal.
This transaction is expected to generate a reduction of the Enel Group’s consolidated net debt of 184 million euros in 2025, while it is set to bear no impact on the Group’s economic results as Enel continues to maintain control and fully consolidate EGPE Solar 2. The partnership agreement was finalized following the fulfillment of certain conditions precedent, including clearance from the Spanish Government on foreign investments.
