Renewable Energy Masdar buys stake in Spanish utilities company Endesa By Eva Levesque July 26, 2024, 10:54 AM Masdar Flavio Cattaneo of Enel, of which Endesa is a subsidiary, and Masdar's Mohamed Jameel Al Ramahi at the signing of the deal UAE’s Masdar invests $890m 2.5GW renewable energy assets 48 solar operational solar plants The UAE’s state-owned clean energy company Masdar has agreed to acquire a minority stake in Spanish electric utility business Endesa to partner for 2.5 gigawatts (GW) of renewable energy assets in Spain. Under the agreement, subject to regulatory approval, Masdar will invest nearly $890 million to acquire a 49.99 percent stake in Endesa, with an enterprise value of $1.8 billion. Endesa, a subsidiary of Italy’s Enel, is one of the three largest companies in the electricity sector in Spain. Together with Iberdrola and Naturgy, they dominate around 90 percent of the national electricity market. NewsletterGet the Best of AGBI delivered straight to your inbox every week The portfolio Masdar plans to acquire consists of 48 operational solar plants of 2GW aggregated capacity. The two companies will add a battery storage system of 500 megawatts (MW) to the projects. EndesaValdecaballeros photovoltaic park in Extremadura, one of Endesa’s solar projects in Spain In addition to the share purchase agreement, Masdar and Endesa will explore an alliance to jointly develop renewable projects in Spain, the former said in a statement. The latest deal confirms Masdar’s ambitions to expand into European renewable energy markets and aligns with its target to reach 100GW of renewable energy capacity by the decade’s end. Mohamed Jameel Al Ramahi, CEO of Masdar, said the deal will help Spain and the wider EU meet their net-zero ambitions. Masdar taps green debt market to finance expansion Masdar-backed UK wind farm clears further hurdle Masdar and Spain’s Iberdrola to develop $1.5bn wind farm Last month Masdar agreed to acquire a 67 percent stake in Terna Energy of Greece, with an aim to reach 100 percent. In March, it also reached a financial close with Spain’s Iberdrola on the 476MW Baltic Eagle offshore wind project, located in the Baltic Sea off the coast of Germany. It is also developing the Almenara 1.2GW solar photovoltaic project in Spain’s Castilla-La Mancha region.