Abu Dhabi Future Energy Company PJSC – Masdar, a UAE clean energy firm, has partnered with Endesa to co-own 2.5GW of renewable energy assets in Spain.
This agreement, pending regulatory approvals and other conditions, will see Masdar investing €817m for a 49.99% stake, giving the portfolio an enterprise value of €1.7bn – one of the largest renewable energy transactions in Spain.
The assets Masdar will acquire include 48 operational solar plants with a combined capacity of 2GW. Additionally, Masdar and Endesa plan to incorporate 0.5GW of battery energy storage systems (BESS) into these projects.
This collaboration enhances Masdar’s status as a reliable global energy partner for various stakeholders, including governments, investors, developers, and communities.
This deal underscores Masdar’s dedication to advancing the energy transition in Spain and Europe, contributing significantly to Spain’s National Energy and Climate Plan (NECP) and the EU’s net-zero emissions target by 2050.
This partnership underscores our commitment to unlocking clean energy capacity in Spain, Europe, and around the world, HE Dr Sultan Al Jaber, UAE Minister of Industry and Advanced Technology, Chairman of Masdar and COP28 President, said in a statement.
“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.
Alongside the acquisition Share Purchase Agreement (SPA), Masdar and Endesa have also signed a Memorandum of Understanding (MoU) to explore further renewable energy project collaborations in Spain.
This partnership aligns with Masdar’s expansive growth strategy in Europe. Recently, Masdar announced a definitive agreement with Greece’s GEK TERNA SA and other TERNA ENERGY SA shareholders to acquire 67% of TERNA ENERGY’s shares, pending regulatory approvals.
TERNA ENERGY aims to reach a renewable energy operational capacity of 6GW by 2030.
Earlier this year, Masdar and Spain’s Iberdrola achieved financial closure on the 476MW Baltic Eagle offshore wind project in the Baltic Sea off Germany’s coast.
In Spain, Masdar is already developing the Almenara 1.2GW solar photovoltaic (PV) project in the Castilla la Mancha region.
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[Image credit: Masdar]
