Masdar has spent €817 million ($887 million) to purchase almost half of Spanish utility Endesa's solar energy assets, as the Abu Dhabi clean energy company boosts its footprint in Europe.
According to the agreement, Masdar will become a partner for 2.5 gigawatts of renewable energy assets in Spain, with an enterprise value of €1.7 billion, pending regulatory approvals, as stated in the press release.
Masdar plans to acquire a portfolio of 48 operational solar plants totaling 2 gigawatts capacity, and the two companies intend to include 500 megawatts of battery energy storage system to the projects.
Masdar and Endesa, a subsidiary of Europe's largest electricity group Enel, have also agreed to work together to investigate a potential partnership for creating renewable energy projects in Spain.
"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," said Dr Sultan Al Jaber, UAE Minister of Industry and Advanced Technology, chairman of Masdar and Cop28 President.
"Masdar is accelerating its ambitious growth plans as we target 100GW of renewable energy capacity by the end of the decade."
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