Masdar and Endesa join forces for €1.7 billion Spanish renewable energy deal

World News26.07.2024

Masdar and Endesa join forces for €1.7 billion Spanish renewable energy deal

QAZAQ GREEN. Masdar, the UAE's leading clean energy company, has announced a significant partnership with Spain's Endesa. The deal involves Masdar acquiring a 49.99% stake in a 2.5 gigawatt (GW) renewable energy portfolio for €817 million. This represents one of Spain's largest renewable energy transactions to date.

The portfolio comprises 48 operational solar plants, with plans to add 0.5 GW of battery storage. The collaboration aims to accelerate Spain's energy transition and contribute to the EU's net zero targets.

Beyond this investment, Masdar and Endesa have also signed a memorandum of understanding to explore joint renewable energy projects in Spain. This deal marks another milestone for Masdar's expanding European footprint, following recent agreements in Greece and Germany.

Masdar is a joint venture of TAQA, ADNOC, and Mubadala, while Endesa is a subsidiary of Enel.

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