ABU DHABI, UAE/MADRID, SPAIN - Masdar, the Abu Dhabi-based renewable energy company, has finalized a strategic partnership with Spanish utility company Endesa (BME:ELE) S.A., securing a 49.99% ownership in Endesa's operational solar photovoltaic (PV) assets in Spain. This move is part of Masdar's broader strategy to expand its global renewable energy footprint.
The deal, which was initially signed on July 25, 2024, was completed after receiving all necessary regulatory approvals. Masdar's investment values the 2 gigawatt (GW) solar PV portfolio, EGPE Solar, at an enterprise value of €817 million, with an equity value of €280 million. EGPE Solar is a subsidiary of the Enel (BIT:ENEI) Group's Endesa, which manages the solar assets.
In addition to the equity acquisition, the partnership establishes long-term power purchase agreements (PPAs), allowing Endesa to buy 100% of the energy generated by the PV assets through a subsidiary. The collaboration also contemplates the potential expansion of the portfolio with Battery Energy Storage Systems (BESS), which could add up to 0.5GW of additional capacity.
The partnership is poised to bolster Masdar's presence in the European Union's solar market and contribute to Spain's National Energy and Climate Plan (NECP) targets, as well as the EU's broader ambition to achieve net zero emissions by 2050.
This transaction aligns with Masdar's goal to reach a global capacity of 100GW by 2030, reinforcing its commitment to the energy transition in Spain and Europe. The information is based on a press release statement from Masdar and Endesa.
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