Masdar partners with Endesa in Spain
Published by Theodore Reed-Martin,
Editorial Assistant
Energy Global,
Abu Dhabi Future Energy Company PJSC – Masdar, the UAE’s clean energy leader, has announced that it has reached an agreement with Endesa S.A. to become a partner for 2.5 GW of renewable energy assets in Spain, subject to regulatory approvals and other conditions. The transaction would see Masdar invest €817 million to acquire a 49.99% stake, with an enterprise value of €1.7 billion, representing one of Spain’s biggest renewable energy deals.
The portfolio Masdar plans to acquire consists of 48 operational solar plants of 2 GW aggregated capacity. Endesa and Masdar aim to add 0.5 GW 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 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 Memorandum of Understanding (MoU) to explore an alliance aimed at jointly developing renewable energy projects in Spain.
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.
“By forging a strategic partnership in Spain with Endesa for 2.5GW of solar and battery storage assets, we are taking a significant step forward in our ambitious growth plans in one of Europe’s largest renewables markets. This deal with Endesa will play a significant role in supporting Spain and the wider EU in meeting their net-zero ambitions. We are delighted to also sign an MoU with Endesa to become their preferred partner for future solar projects,” said Mohamed Jameel Al Ramahi, CEO of Masdar.
For more news and technical articles from the global renewable industry, read the latest issue of Energy Global magazine.
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Read the article online at: https://www.energyglobal.com/other-renewables/26072024/masdar-partners-with-endesa-in-spain/
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