Masdar, Endesa achieve financial close for $432.4 million solar PV Portfolio

Masdar, a global clean energy leader, announced the closing of its acquisition of a 49.99 per cent stake in a €368 million ($432.4 million) portfolio comprising four operational solar PV plants from Enel Green Power España, a subsidiary of Endesa (Endesa), a leading company in the Spanish electricity sector and a subsidiary of Enel Group.

The transaction represents a deployment of €69 million in equity by Masdar, with an additional €115 million of acquisition financing.

The move adds a significant 446 megawatts (MW) of operational solar capacity to the company’s European portfolio, while supporting Masdar’s strategy to scale renewable energy capabilities across Europe.

The agreement consolidates the strategic partnership between the two companies, after Masdar acquired a 49.99 per cent stake in 2 gigawatts (GW) of solar assets from Endesa in 2024.

The deal was one of Spain’s largest renewable energy transactions in recent years and includes plans to add up to 0.5GW of battery storage. This latest transaction brings Masdar’s total gross operational capacity in the Iberian Peninsula to 3.2GW, with more than 2GW of development pipeline.

These operating assets further Masdar’s commitment to advancing the region’s renewable energy ambitions and supporting the EU reach its 2050 net-zero targets. Earlier in the year, Masdar and global energy leader Enel Group signed a Memorandum of Understanding (MoU) to explore potential renewable energy opportunities in countries including Italy, Spain, and Germany.

Mohamed Jameel Al Ramahi, Chief Executive Officer of Masdar, said, “This acquisition is aligned with Masdar’s broader global strategy to expand our renewable energy capacity and further demonstrates our long-term commitment to Europe. We are confident that further strengthening our partnership with Endesa through this deal will play a crucial role in the development of the Spanish renewable energy sector.

“As one of the most important energy transformation markets in Europe, Spain will continue to be a key focus for Masdar for years to come. The transaction positions us well for further growth and helps contribute to decarbonising the energy grid and meeting both domestic and EU climate targets.”

Flavio Cattaneo, CEO of Enel Group, stated, “We are pleased with the closing of this transaction, which represents another milestone in Enel’s long-term partnership with Masdar. We look forward to continuing to work together in accelerating the energy transition.”

The deal enhances Masdar’s position in Spain and reinforces its broader plan for expansion across Southern Europe.

In late 2024, the company completed the €1.2 billion acquisition of Saeta Yield, a leading Iberian renewables platform with a portfolio of 2.3GW. Saeta now serves as Masdar’s primary regional operating hub on the Iberian Peninsula. Spain, one of the EU’s most dynamic solar energy markets, is a cornerstone of Masdar’s European growth platform.

Its scale, regulatory environment, and ambitious NECP targets position the country as an ideal contributor to Masdar’s global ambition to reach 100GW of renewable capacity by 2030.

Masdar appointed BNP Paribas as transaction advisor, Linklaters as legal advisor, UL as technical advisor and PwC as tax advisor. The acquisition was partially funded through acquisition was partially funded via financing from BNPP, Santander, Intesa Sanpaolo, ADCB, and FAB.

Meanwhile officials have affirmed that the Water, Energy, Technology and Environment Exhibition (Wetex), which concludes today at the Dubai World Trade Centre, serves as a key platform to showcase pioneering projects and innovative initiatives in clean energy, sustainability and global expansion.

Hussain Sultan Lootah, Acting Chief Executive Officer of Enoc Group, said in a statement to the Emirates News Agency (WAM) on the sidelines of the exhibition that the event is a strategic platform to learn about the latest developments in the energy sector and to engage with international companies specialising in renewable energy and clean technologies.

He explained that the group highlighted its biodiesel production plant in the UAE, the first of its kind among national oil companies, noting that the project reflects Enoc’s commitment to supporting national sustainability goals in line with the National Biofuel Policy launched in 2024.

The plant, scheduled to begin operations in the fourth quarter of 2025, will have an annual production capacity of 20 million litres of B5 fuel and will serve leading government and private sector clients, with future readiness to expand from B5 to B7 and eventually B20, further strengthening the UAE’s position as a regional hub for clean energy.

Lootah added that the project also addresses the needs of factories and companies seeking environmentally friendly fuel, while enhancing Enoc’s strategic role in raising awareness and providing technical support on the use of clean energy.

WAM