The Emirati renewable energy company Masdar, jointly owned by Taqa, Adnoc and Mubadala, has reached an agreement with Endesa to acquire 49.9% of its renewable assets in Spain for 817 million euros. The deal brings the valuation of the portfolio, which consists of 2 GW of photovoltaic plants, to 1.7 billion euros.

The transaction, subject to regulatory approvals, is one of the largest renewable energy transactions in Spain in recent years. The agreement also includes a project to hybridise the 48 solar plants, all of which are operational, in order to complement them with an additional 500MW of battery storage (BESS). This way, the Abu Dhabi Future Energy Company will become a partner in 2.5 GW of renewable energy assets in Spain.

Memorandum of understanding
Also accompanying the agreement between the two companies is a memorandum of understanding to explore an alliance to jointly develop new renewable energy projects in Spain. The Arab company has recently completed other major operations in Europe, reflecting its interest in the continent. Among other projects, it is developing a 476-MWp offshore wind project in the Baltic Sea with Iberdrola. In Spain, it is developing the 1.2-GWp Almenara solar PV energy project in Castilla-La Mancha.

Masdar Chairman Sultan Al Jaber, who is also UAE Minister for Industry and Advanced Technology and COP28 President, says the partnership "underscores our commitment to unlocking clean energy capacity in Spain, Europe and around the world, supporting the global mandate enshrined in the UAE's COP28 consensus to triple renewable energy capacity by 2030, enabling a just, orderly and equitable energy transition. Masdar is accelerating its ambitious growth plans as we target 100 GW of renewable energy capacity by the end of the decade."

An important step forward
Masdar CEO Mohamed Jameel Al Ramahi added, "By forging a strategic partnership in Spain with Endesa for 2.5 GW of solar and battery storage assets, we are taking an important step forward in our ambitious growth plans in one of Europe's largest renewable energy markets. This agreement with Endesa will play an important role in helping Spain and the EU as a whole to meet its net-zero emissions ambitions. We are delighted to also sign a memorandum of understanding with Endesa to become their preferred partner for future solar projects."

Flavio Cattaneo, CEO of the Enel Group, owner of Endesa, underlined the fact that the Spanish company "has initiated this partnership with such an important player as Masdar and, in the future, we hope to be able to undertake similar transactions in other geographies".

^{Photo: Masdar}