Masdar Expands Iberian Presence with €368M Endesa Renewable Deal

Abu Dhabi Future Energy Company PJSC (Masdar), the UAE’s leading clean energy firm, has entered into an agreement with Endesa S.A. to acquire a 49.99% stake in four solar power plants in Spain. With a combined capacity of 446 megawatts (MW), the deal involves Masdar investing €184 million, valuing the assets at €368 million. The completion of this transaction is contingent on regulatory approvals and other conditions.

Strengthening Renewable Energy in Europe

This acquisition represents a key milestone in Masdar’s expansion within the Iberian Peninsula and Europe as a whole. It reinforces the company’s commitment to promoting renewable energy in the region. The deal follows a prior agreement between Masdar and Endesa to collaborate on a portfolio exceeding 2 gigawatts (GW) of solar projects, with an additional potential of 0.5GW for battery storage. This partnership is among Spain’s most significant renewable energy transactions in recent years.

Mohamed Jameel Al Ramahi, Chief Executive Officer of Masdar, said: "This acquisition further reflects Masdar’s commitment to supporting Europe’s decarbonization goals and advancing the global energy transformation. It also marks another significant step in our strategic expansion in the Iberian Peninsula and Europe, adding to our growing portfolio on the continent. Strengthening our partnership with Endesa positions us to unlock new renewable energy opportunities across Europe and beyond while driving sustainable growth and boosting prosperity.”

“With this transaction, we are renewing the cooperation launched last year with a major player such as Masdar,” Flavio Cattaneo, Enel Group CEO, said. “The agreement signed today demonstrates our commitment to accelerate the energy transition also in partnership with large international industrial groups, in line with our Strategic Plan.”

Supporting Spain’s Energy and Climate Goals

Masdar’s ongoing collaboration with Endesa is expected to contribute significantly to Spain’s National Energy and Climate Plan (NECP) objectives. Previously, Masdar strengthened its presence in the Iberian Peninsula by acquiring Saeta, a renewable energy platform with 745MW of primarily wind assets and a 1.6GW development pipeline across Spain and Portugal. With this latest acquisition, Masdar’s total operational renewable energy capacity in the region has now reached 3.2GW.

Commitment to Europe's Net-Zero Ambitions

Masdar remains dedicated to helping the European Union achieve its 2050 net-zero targets. Last month, the company expanded its strategic partnerships by signing a Memorandum of Understanding (MoU) with Enel Group, the parent company of Endesa. This collaboration aims to explore new renewable energy opportunities across Italy, Spain, and Germany, further advancing clean energy initiatives in the region.