Abu Dhabi Future Energy Company — Masdar, the leader in renewable energy in the United Arab Emirates, announced a deal with Endesa to purchase a 49.99 percent share in four 446 megawatt (MW) solar projects in Spain. Masdar would invest Dhs702 million (€184 million) for the stake in the assets, which have an enterprise value of Dhs1.4 billion (€368 million), subject to regulatory approvals and other requirements.
These operational assets strengthen Masdar’s commitment to furthering the region’s renewable energy goals and represent a major turning point in the company’s ongoing expansion throughout Europe and the Iberian Peninsula. In one of Spain’s largest renewable energy deals in recent years, Masdar and Endesa agreed last year to collaborate on a portfolio of more than 2GW of solar assets, possibly adding 0.5GW of battery storage. This acquisition comes after that agreement.
This acquisition further reflects Masdar’s commitment to supporting Europe’s decarbonisation goals and advancing the global energy transformation,” stated Mohamed Jameel Al Ramahi, CEO of Masdar. Additionally, it adds to our expanding portfolio on the continent and is another important step in our strategic expansion in Europe and the Iberian Peninsula.
With this deal, we are extending our collaboration with a significant player like Masdar, which we started last year’, stated Flavio Cattaneo, CEO of the Enel Group. In keeping with our Strategic Plan, the deal we signed today shows our dedication to accelerating the energy transition in collaboration with major global industrial organisations.
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