Masdar expands partnership with Endesa in Dhs1.4 billion transaction

Abu Dhabi Future Energy Company — Masdar, the UAE’s clean energy leader, announced an agreement with Endesa to acquire a 49.99 per cent stake in four solar plants in Spain, with a total capacity of 446 megawatts (MW).

The transaction, which is subject to regulatory approvals and other conditions, would see Masdar invest Dhs702 million (€184 million) for the stake in the assets, which have an enterprise value of Dhs1.4 billion (€368 million).

These operating assets mark a significant milestone in Masdar’s continued growth in the Iberian Peninsula and across Europe, and further its commitment to advancing the region’s renewable energy ambitions. The proposed acquisition follows last year’s agreement between Masdar and Endesa to partner in a portfolio of over 2GW of solar assets, with the potential to add 0.5GW of battery storage, in one of Spain’s biggest 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 decarbonisation 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.”

Masdar’s continued partnership with Endesa is expected to play a significant role in helping Spain meet its National Energy and Climate Plan (NECP) targets. Last year, Masdar also acquired Saeta, an established renewables platform with an operating portfolio of 745MW of predominantly wind assets, and a 1.6GW development pipeline in Spain and Portugal. This latest transaction brings Masdar’s total operational capacity in the Iberian Peninsula to 3.2GW.

Masdar is committed to supporting the EU reach its 2050 net-zero targets. Last month, Masdar and global energy leader Enel Group, to which Endesa belongs, signed a Memorandum of Understanding (MoU) to explore potential renewable energy opportunities in countries including Italy, Spain, and Germany.

Meanwhile last week Abu Dhabi Future Energy Company - Masdar has reinforced its leadership in the global clean energy sector by deploying close to Dhs30 billion in equity investments and securing more than Dhs16.5 billion of project financing across nine countries. These accomplishments reflect Masdar’s commitment to expanding its renewable energy portfolio while driving the global energy transformation.

Since its establishment in 2006, Masdar has been a key enabler of the UAE’s vision as a global leader in sustainability and climate action. The company has developed and partnered in projects in over 40 countries, with a mandate to increase its renewable energy portfolio capacity to 100GW by 2030.

Masdar contributes to accelerating development and supporting the UAE’s ambition to become the world’s largest developer, owner, and operator of renewable energy and green hydrogen. It also aids countries globally in achieving their climate neutrality plans, while increasing its project portfolio’s production capacity to 51GW by the end of 2024.

Masdar’s growth was advanced by landmark acquisitions in Greece, Spain and the United States, strengthening the company’s presence in Europe and North America, as well as breaking ground on seven major projects worldwide.

These included two BESS projects in the UK, two solar projects in Azerbaijan with a combined capacity of 760MW, and the 1.5GW Al Ajban Solar Project in the UAE.

Additionally, Masdar announced the financial close of six projects, including the 1.1GW Al Henakiyah Solar Power Plant and multi-utility AMAALA sustainable project in the Kingdom of Saudi Arabia, as well as 760MW solar projects Bilasuvar and Neftchala in Azerbaijan.

Masdar also signed a Power Purchase Agreement in December 2024 for the 2GW Sadawi project in Saudi Arabia, and inaugurated the 500MW Zarafshan Wind Farm in Uzbekistan, now the largest operation in Central Asia.

Meanwhile, the Abu Dhabi Investment Office (ADIO) has signed a strategic agreement with Ignite Energy Access, a leading pan-African provider of the full range of Distributed Renewable Energy (DRE) solutions, to establish its global headquarters in the emirate.

Under the multi-year agreement, ADIO will support Ignite Energy Access in scaling its operations and expanding its regional and global footprint while reinforcing Abu Dhabi’s position as a global hub for clean energy innovation.

WAM