Masdar expands partnership with Endesa in Dhs1.4 billion transaction

Abu Dhabi Future Energy Company — Masdar, the UAE's clean energy leader, announced an agreement with Endesa to acquire a 49.99 per cent stake in four solar plants in Spain, with a total capacity of 446 megawatts (MW).

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The transaction, which is subject to regulatory approvals and other conditions, would see Masdar invest Dhs702 million (€184 million) for the stake in the assets, which have an enterprise value of Dhsi.4 billion (€368 million).

These operating assets mark a significant milestone in Masdar's continued growth in the Iberian Peninsula and across Europe, and further its commitment to advancing the region's renewable energy ambitions. The proposed acquisition follows last year's agreement between Masdar and Endesatopartnerin aportfolioof over 2GW ofsolar assets, with the potential toadd 0.5GW of battery storage, in one of Spain's biggest renewable energy transactions in recent years.

Mohamed Jameel Al Ramahi, Chief Executive Officer of Masdar, said: “This acquisition further reflects Masdar’s commitment to supporting Europe's decarbonisation goals and advancing the global energy transformation. It also marks another significant step in our strategic expansion in the Iberian Peninsula and Europe, adding to our growing portfolio on the continent. Strengthening our partnership with Endesa positions us to unlock new renewable energy opportunities across Europe and beyond while driving sustainable growth and boosting prosperity.”