UAE – Mubasher: Abu Dhabi Future Energy Company (Masdar) has reached an agreement to acquire a 49.99% stake in all of Endesa’s operational photovoltaic (PV) assets in Spain, according to a press release.

Subject to regulatory approvals and other conditions, Masdar will invest EUR 817 million to become a partner for 2.5 gigawatts (GW) of renewable energy assets in Spain.

The transaction has an enterprise value of EUR 1.70 billion, representing one of Spain's biggest renewable energy deals. It aligns with Masdar's commitment to accelerating the energy transition in Spain and Europe.

The UAE-based company’s portfolio will include 48 operational solar plants of 2GW aggregated capacity, as Endesa and Masdar plan to add 500 megawatts (MG) of battery energy storage system (BESS) to the projects.

Besides the share purchase agreement (SPA), the two entities sealed a memorandum of understanding (MoU) to explore an alliance aimed at jointly developing renewable energy projects in Spain.

The deal reflects Masdar's growth plans in Europe, having recently inked a definitive agreement to acquire a majority stake in Greece-based Terna Energy.

Mohamed Jameel Al Ramahi, CEO of Masdar, commented: "By forging a strategic partnership in Spain with Endesa for 2.5GW of solar and battery storage assets, we are taking a significant step forward in our ambitious growth plans in one of Europe's largest renewables markets.”

“This deal with Endesa will play a significant role in supporting Spain and the wider EU in meeting their net-zero ambitions," Al Ramahi continued.