Masdar and Endesa have announced a partnership for 2.5 GW solar and storage portfolio in Spain
Masdar will invest €817 million to acquire a 49.99% stake in the portfolio with an enterprise value of €1.7 billion
The 2 companies have also entered an MoU to jointly explore renewable energy projects in Spain
Abu Dhabi Future Energy Company Masdar continues to expand its presence in the growing renewable energy market of Europe, announcing a new deal with Spanish electric utility Endesa to partner with it for 2.5 GW of renewable energy assets in Spain.
Masdar said it will invest €817 million to acquire a 49.99% stake in Endesa’s 2 GW solar energy plant portfolio comprising 48 operational plants, with a potential battery energy storage system (BESS) hybridization for up to 500 MW.
This carries an enterprise value of €1.7 billion, which makes it one of Spain’s biggest renewable energy deals, according to Masdar.
Both companies have also entered a memorandum of understanding (MoU) to jointly explore renewable energy project development in Spain.
“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,” said Masdar CEO Mohamed Jameel Al Ramahi.
This deal with Enel Group’s Endesa follows Masdar’s recent European renewable energy deal with Greece’s GEK TERNA SA and other shareholders of TERNA ENERGY SA to initially acquire 70% of its outstanding shares. TERNA targets 6 GW operational renewable energy capacity by 2030 (see Masdar To Acquire Terna Energy).