Masdar Boosts European Solar Presence with €817M Endesa Stake
Masdar has bolstered its European presence with a significant investment in Spain's solar sector. The Abu Dhabi-based company has acquired a nearly 50% stake in Spanish utility Endesa's solar assets for €817 million.
The deal, finalised in July 2021, sees Masdar secure a 49.99% stake in a €368 million portfolio of four operational solar photovoltaic plants from Endesa. This acquisition adds 446 megawatts of gross operational solar capacity to Masdar's portfolio, further expanding its presence in Europe.
The transaction involved €69 million in equity from Masdar, with an additional €115 million provided through acquisition financing. Masdar and Endesa have plans to integrate a 500 megawatt battery energy storage system into the acquired projects, enhancing their overall efficiency and reliability.
Masdar's global ambition is to reach 100 gigawatts of renewable capacity by 2030. This latest acquisition brings its total gross operational capacity in the Iberian Peninsula to 3.2 gigawatts, with over 2 gigawatts of development pipeline. The company's long-term commitment to Europe is evident in its strategic partnership with Enel, which involves exploring renewable energy opportunities in countries like Italy, Spain, and Germany.
The acquisition positions Masdar well for further growth and helps contribute to decarbonising the energy grid, aligning with both domestic and EU climate targets. This strategic move demonstrates Masdar's commitment to expanding its renewable energy capacity and strengthening its presence in the European market.
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