The solar plants have an aggregate capacity of 2 gigawatts. (Source: Shutterstock)
United Arab Emirates’ renewable energy company Masdar agreed to invest about $887 million to acquire a 49.99% stake in 48 solar plants controlled by Spanish utility Endesa.
The transaction was announced July 26 as Masdar looks to grow its presence in Europe. The company said the deal is one of Spain’s largest renewable energy deals, with an enterprise value of about $1.8 billion.
The solar plants have an aggregate capacity of 2 gigawatts (GW). Endesa and Masdar intend to add 0.5 GW of battery energy storage systems to the projects, Masdar said in a news release.
“By forging a strategic partnership in Spain with Endesa for 2.5 GW 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 Endesa will play a significant role in supporting Spain and the wider EU in meeting their net-zero ambitions.”
In addition to the acquisition, the two companies plan to explore an alliance to jointly develop renewable energy projects in Spain.
Masdar is targeting a global capacity of 100 GW by 2030 as it advances plans in Europe. In June, Masdar said it reached a definitive agreement with Greece’s GEK Terna and other shareholders of renewable company Terna Energy to initially acquire a 67% stake in the company.
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