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Masdar Secures 2.5GW Solar Energy Deal In Spain

Masdar and Endesa Forge Landmark 2.5GW Solar Energy Partnership in Spain

Masdar has inked a significant agreement with Endesa, a subsidiary of Enel, to jointly own 2,500MW of renewable energy assets in Spain, pending regulatory approvals and other conditions. This landmark deal positions Masdar as a key player in one of Spain’s largest renewable energy transactions.

Under the agreement, Masdar will invest €817 million to acquire a 49.99% stake in the projects, bringing the total enterprise value to €1.7 billion. The portfolio includes 48 operational solar plants with a combined capacity of 2GW. In addition, Masdar and Endesa plan to integrate a 0.5GW battery energy storage system (BESS) into these projects, enhancing their efficiency and reliability.

This partnership strengthens Masdar’s reputation as a trusted global energy partner for governments, investors, developers, and communities. It also underscores Masdar’s commitment to accelerating the energy transition in Spain and Europe, supporting Spain’s National Energy and Climate Plan (NECP) and the EU’s net zero by 2050 targets.

Beyond the acquisition, Masdar and Endesa have signed a memorandum of understanding (MoU) to explore further collaboration on renewable energy projects in Spain. This alliance aims to foster innovation and development in the renewable energy sector.

Dr. Sultan Al Jaber, Chairman of Masdar, remarked, “Building on Masdar’s global expertise and pioneering approach to renewable energy innovation and development, this partnership underscores our commitment to unlocking clean energy capacity in Spain, Europe, and around the world. Supporting the global mandate enshrined in COP28’s UAE Consensus, we aim 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.”

Flavio Cattaneo, Chief Executive of Enel Group, added, “We are pleased that Enel, through its subsidiary Endesa, has started this partnership with a major player such as Masdar. Looking ahead, we hope to carry out similar transactions in other geographies.”

This collaboration marks a significant milestone in the journey toward a sustainable future, showcasing the combined efforts of Masdar and Endesa to drive the renewable energy agenda forward.

#RenewableEnergy #SolarPower #Masdar #Endesa #Spain #CleanEnergy #Sustainability #EnergyTransition #BatteryStorage #NetZero #COP28 #GreenFuture

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