FILE PHOTO: The logo of Equinor is set up at the entrance of a building at Western Europe's largest liquefied natural gas plant Hammerfest LNG in Hammerfest, Norway, March 14, 2024. REUTERS/Lisi Niesner/File Photo
According to two people familiar with the matter and a document seen by Reuters, Abu Dhabi renewable energy developer Masdar and Spanish electricity utility Endesa are nearing an agreement that would see Masdar pay approximately $200 million for a 49.9% share in a solar property owned by Endesa.
The agreement for the approximately 450 megawatt portfolio strengthens the businesses’ current collaboration and would increase Masdar’s presence in Spain, which it views as crucial to its European expansion.
A representative for state-owned Masdar stated, “We continue to explore opportunities in the region as we expand towards our global target of 100 gigawatts by 2030, even though we do not comment on market speculation.”
The agreement would also be in line with Endesa’s owner, Enel of Italy, who sells minority shares in some projects to reduce debt while keeping control of the assets.
Masdar acquired a minority interest in a 2-gigawatt (GW) solar portfolio under Endesa’s ownership in July of last year. It paid $1.4 billion in September to acquire Canadian Brookfield’s green energy business Saeta Yield.
The Masdar representative cited the acquisition of Saeta, the prior agreement with Enel, and the majority investment in the Greek renewable energy company Terna as examples of operations “further expanding our European footprint.
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