Masdar to invest 184 million euros to acquire 49.99% stake in four solar projects in Spain

On March 24th, Abu Dhabi Future Energy Company PJSC - UAE clean energy leader Masdar announced an agreement with EndesaSA to acquire a 49.99% stake in four solar power plants in Spain, with a total generating capacity of 446 megawatts (MW). The transaction requires regulatory approval and meets other conditions. Masdar will invest 184 million euros to acquire shares of these assets, with a total value of 368 million euros.

These operational projects are important milestones for Masdar's continued growth in the Iberian Peninsula and throughout Europe, further demonstrating its commitment to advancing renewable energy targets in the region. The proposed acquisition follows last year's agreement between Masdar and Endesa to jointly develop a solar asset portfolio of over 2GW and potentially add 0.5GW of battery storage, making it one of the largest renewable energy transactions in Spain in recent years.

The continued collaboration between Masdar and Endesa is expected to play an important role in helping Spain achieve its National Energy and Climate Plan (NECP) goals. Last year, Masdar also acquired Saeta, a mature renewable energy platform with an operating portfolio of 745 megawatts, primarily wind energy assets, and 1.6 gigawatts of development pipelines in Spain and Portugal. This latest transaction brings Masdar's total operational capacity in the Iberian Peninsula to 3.2 gigawatts.

Masdar is committed to supporting the EU in achieving its net zero emissions target by 2050. Last month, Masdar signed a memorandum of understanding (MoU) with Enel Group, the global energy leader to which Endesa belongs, to explore potential renewable energy opportunities in countries such as Italy, Spain, and Germany.

This acquisition will be partially financed by Banque Nationale de France and Santander Bank Intesa Sanpaolo、 Abu Dhabi Commercial Bank and FAB, among others. The lender is advised and evaluated by Ashurst.