Masdar (Abu Dhabi Future Energy Company PJSC), a UAE-based renewable energy project developer, announced the signing of an agreement with Endesa, a Spanish multinational electric utility company, to acquire a 49.99% stake in four solar projects totaling 446 MW in Spain. The transaction has an enterprise value of €368 million (~$397.88 million).
The acquisition is subject to regulatory approvals and other conditions. Masdar will invest €184 million (~$198.94 million) for the stake in the projects.
BNPP, Santander, Intesa Sanpaolo, ADCB, and FAB provided the acquisition financing, which will partially fund the purchase.
Linklaters acted as the legal advisor to Masdar, while Ashurst served as an advisor to the lenders.
This acquisition follows last year’s agreement between the two companies to partner on a portfolio of more than 2 GW of solar projects, with the potential to add 0.5 GW of battery storage projects. This latest transaction brings Masdar’s total operational capacity in the Iberian Peninsula to 3.2 GW.
Mohamed Jameel Al Ramahi, chief executive officer of Masdar, said, “This acquisition further reflects Masdar’s commitment to supporting Europe’s decarbonization goals and advancing the global energy transformation. It also marks another significant step in our strategic expansion in the Iberian Peninsula and Europe, adding to our growing portfolio on the continent. Strengthening our partnership with Endesa positions us to unlock new renewable energy opportunities across Europe and beyond while driving sustainable growth and boosting prosperity.”
According to Mercom’s Annual and Q4 2024 Solar Funding and M&A Report, 217 large-scale solar project acquisitions totaling 37.7 GW were transacted in 2024, compared to 231 transactions totaling 45.4 GW in 2023.
Earlier this month, Velto Renewables, a renewable power producer backed by investment group CDPQ, announced a partnership with Q Energy Solutions, a European renewable energy company. Under this agreement, Velto Renewables will acquire a portfolio of renewable energy projects from Q Energy across multiple European countries over the coming years.
