Masdar closes €1.7bn renewables deal with Endesa

UAE-headquartered clean energy firm Masdar has reached an agreement with Enel subsidiary Endesa to secure a 49.99% stake in 2.5GW of renewable energy assets in Spain.

The deal, which is subject to regulatory approvals, is valued at €1.7 billion ($1.8 billion) and is one of Spain’s biggest renewable energy deals, according to a release.

The renewable portfolio consists of 48 operational solar plants totaling 2GW capacity. Endesa and Masdar plan to add 0.5GW of battery energy storage to these projects.

The partners have also signed a memorandum of understanding (MoU) to explore jointly developing additional renewable energy projects in Spain.

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These solar projects will help support Spain meet its National Energy and Climate Plan (NECP), which includes generating 74% of electricity from renewable sources by 2030, and 100% by 2050.

HE Dr Sultan Al Jaber, UAE Minister of Industry and Advanced Technology, Chairman of Masdar and COP28 President, said: "...This partnership underscores our commitment to unlocking clean energy capacity in Spain, Europe, and around the world, supporting the global mandate enshrined in the COP28’s UAE 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 100GW of renewable energy capacity by the end of the decade."

The news follows Masdar signing a deal with Greece’s TERNA SA to acquire 67% of the company’s outstanding shares. TERNA ENERGY is targeting renewable energy operational capacity of 6GW by 2030.

In March this year, Masdar and Spain’s Iberdrola also reached financial close on the 476MW Baltic Eagle offshore wind project located in the Baltic Sea off the coast of Germany.