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Masdar buys stake in Spanish utilities company Endesa

Flavio Cattaneo of Enel, of which Endesa is a subsidiary, and Mohamed Jameel Al Ramahi at the signing of the deal 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.



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.

Outdoors, Aerial View, Electrical DeviceEndesa
Valdecaballeros 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. 

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.