Abu dhabi: Masdar, a global leader in clean energy, has announced the successful closing of its acquisition of a 49.99 percent stake in a £368 million solar photovoltaic (PV) portfolio. This transaction involves four operational solar PV plants from Enel Green Power Espa±a S.L., a subsidiary of Endesa S.A., which is a prominent entity in the Spanish electricity sector and part of the Enel Group.
According to Emirates News Agency, the transaction signifies a £69 million equity investment by Masdar, alongside an additional £115 million in acquisition financing. This development significantly expands Masdar’s European portfolio with an additional 446 megawatts (MW) of operational solar capacity, aligning with the company’s strategy to enhance its renewable energy presence across Europe.
The agreement strengthens the strategic partnership between Masdar and Endesa, following Masdar’s acquisition of a 49.99 percent stake in 2 gigawatts (GW) of solar assets from Endesa in 2024. As one of Spain’s largest renewable energy transactions in recent years, the deal includes plans to incorporate up to 0.5GW of battery storage. This transaction boosts Masdar’s total gross operational capacity in the Iberian Peninsula to 3.2GW, with over 2GW in the development pipeline, further supporting the region’s renewable energy goals and the EU’s 2050 net-zero targets.
Earlier this year, Masdar and the Enel Group signed a Memorandum of Understanding (MoU) to explore renewable energy opportunities in countries such as Italy, Spain, and Germany. Mohamed Jameel Al Ramahi, CEO of Masdar, emphasized that the acquisition aligns with Masdar’s global strategy to expand renewable energy capacity and reinforces the company’s commitment to Europe. He expressed confidence that strengthening the partnership with Endesa will play a crucial role in advancing the Spanish renewable energy sector.
Flavio Cattaneo, CEO of Enel Group, expressed satisfaction with the transaction, marking another milestone in Enel’s partnership with Masdar. He emphasized the continued collaboration to accelerate the energy transition.
The deal consolidates Masdar’s position in Spain and supports its broader expansion strategy across Southern Europe. In late 2024, Masdar completed a £1.2 billion acquisition of Saeta Yield, a leading Iberian renewables platform with a 2.3GW portfolio, which now serves as Masdar’s primary regional operating hub on the Iberian Peninsula. Spain remains a central focus of Masdar’s European growth strategy due to its dynamic solar energy market, regulatory environment, and ambitious NECP targets, aligning with Masdar’s goal to achieve 100GW of renewable capacity by 2030.
Masdar appointed BNP Paribas as the transaction advisor, Linklaters as the legal advisor, UL as the technical advisor, and PwC as the tax advisor. The acquisition was partially funded through financing from BNPP, Santander, Intesa Sanpaolo, ADCB, and FAB.