Masdar Expands into EU Solar Markets with €368M Deal
Masdar aims to expand its renewable energy capacity to 100 GW by 2030.
Augmenting its operations to more European markets as renewable energy opportunities grow across the region.
The global leader in renewable energy and green hydrogen, Masdar, has reinforced its partnership with Endesa, an energy company in Spain, through a €368 million renewable energy transaction to grow the former's presence across Europe.
According to the deal, Masdar will acquire a 49.99% stake in four solar farms in Spain with an investment of €184 million. The solar farms have a combined capacity of 446 megawatts (MW), and the acquisition is subject to regulatory approvals and other conditions.
Masdar already inked a deal with Endsea last year, in which the UAE renewable energy giant purchased a 49.99% stake in a 2-gigawatt (GW) portfolio of solar assets in Spain, with 0.5GW of battery storage; the new collaboration will build upon the previous one.
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By entering Spain and strengthening its presence there, Masdar supports the nation's National Energy and Climate Plan (NECP) targets and the EU's net-zero ambitions for 2050.
The company's expansion is not just confined to Spain, it is growing to the Iberian Peninsula, where it has acquired Saeta, a renewable energy platform with 745MW of wind assets and a 1.6GW development pipeline in Spain and Portugal. Altogether, Masdar’s total operational capacity in the Iberian Peninsula is 3.2 GW.
Also, of late, the company signed a Memorandum of Understanding (MoU) with Enel Group, Endesa’s parent company, to explore renewable energy opportunities in Italy, Spain, and Germany.
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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."
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Source: Masdar
