Abu Dhabi Future Energy Company PJSC – Masdar, a leading clean energy firm from the UAE, has struck a major deal to acquire a significant stake in Spain’s renewable energy sector. The agreement will see Masdar invest €817 million for a 49.99% share in a portfolio of renewable energy assets managed by Endesa S.A., a subsidiary of the Italian energy company Enel. The deal, pending regulatory approvals, involves an enterprise value of €1.7 billion, marking it as one of Spain’s largest renewable energy transactions.
The acquisition encompasses 48 operational solar plants with a total capacity of 2 gigawatts (GW). As part of the agreement, Masdar and Endesa plan to add 0.5 GW of battery energy storage systems (BESS) to enhance the efficiency and reliability of the solar projects. This partnership highlights Masdar’s role as a trusted global player in clean energy and underscores its commitment to advancing Spain’s energy transition.
HE Dr Sultan Al Jaber, UAE Minister of Industry and Advanced Technology and Chairman of Masdar, expressed enthusiasm about the deal, stating that it aligns with Masdar’s goal to significantly increase global renewable energy capacity. He emphasized the partnership’s role in supporting Spain’s National Energy and Climate Plan and the European Union’s goal to achieve net zero emissions by 2050.
In addition to the acquisition, Masdar and Endesa have signed a Memorandum of Understanding (MoU) to explore future collaborations on renewable energy projects in Spain. This move reflects Masdar’s broader strategy to expand its presence in Europe. Recently, Masdar reached an agreement to acquire a 67% stake in Greece’s TERNA ENERGY SA, which targets 6 GW of renewable energy capacity by 2030.
Earlier this year, Masdar also closed on the 476 MW Baltic Eagle offshore wind project in Germany, showcasing its growing footprint in European renewable energy markets. In Spain, Masdar is already developing the 1.2 GW Almenara solar photovoltaic project in Castilla la Mancha.
Advisors for the transaction include BNPP as the transaction advisor, Linklaters for legal matters, UL for technical advice, PwC for tax, and PexaPark for power purchase agreements. The acquisition is supported by financing from BNPP, Santander, Intesa, ADCB, FAB, and SMBC, with Ashurst advising the lenders.
Masdar’s CEO, Mohamed Jameel Al Ramahi, highlighted the importance of the partnership with Endesa, noting that it represents a significant step in Masdar’s expansion into Europe’s renewable energy market.
