Abu Dhabi Future Energy Company PJSC - Masdar has announced a significant renewable energy partnership with Endesa S.A., a subsidiary of Enel. The €1.7 billion transaction, subject to regulatory approvals, will see Masdar invest €817 million to acquire a 49.99% stake in 2 gigawatts (GW) of solar energy projects in Spain.

The deal encompasses 48 operational solar plants with an aggregate capacity of 2GW and plans to integrate up to 0.5GW of battery energy storage systems (BESS). This strategic partnership aims to bolster Spain's National Energy and Climate Plan (NECP) and contribute to the EU's net zero by 2050 goals.

In addition to the acquisition, Masdar and Endesa have signed a Memorandum of Understanding (MoU) to explore further collaboration on renewable energy projects in Spain. This alliance underscores Masdar's commitment to expanding its footprint in one of Europe's largest solar markets, aligning with its target of 100GW global renewable capacity by 2030.

HE Dr. Sultan Al Jaber, Chairman of Masdar, emphasized the importance of this partnership in accelerating the energy transition. Flavio Cattaneo, CEO of Enel, expressed optimism about future collaborations with Masdar. Mohamed Jameel Al Ramahi, CEO of Masdar, highlighted the strategic significance of the deal in advancing Spain's and the EU's net-zero objectives.

Source: masdar.ae