RCS - Abu Dhabi Future Eng - Masdar to Expand Endesa Partnership

Sumitomo Mitsui FinancialAnnouncement

25/03/2025 08:15

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RNS Number : 9562B  Abu Dhabi Future Energy Co. PJSC  24 March 2025

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Masdar to Expand Endesa Partnership in EUR368 Million Renewable Energy
Transaction, Strengthening Presence on Iberian Peninsula

 

á    Masdar set to invest EUR184 million to acquire 49.99% of four Endesa
solar assets in Spain with a capacity of 446 MW, subject to regulatory
approvals and other conditions

á    Agreement will build upon Masdar's 2024 acquisition from Endesa in
Spain of a 49.99% stake in 2GW portfolio of solar assets, with a potential
BESS hybridization of up to 0.5GW

á    Proposed agreement will further strengthen Masdar's position in one
of EU's largest solar markets, supporting Spain's NECP targets and the EU's
Net Zero 2050 goal

á    As one of the world's fastest-growing renewable energy companies,
Masdar has a current capacity of more than 50 GW and is targeting 100GW by
2030

 

Madrid, Spain; Abu Dhabi, UAE, March 24, 2025: Abu Dhabi Future Energy Company
PJSC - Masdar, the UAE'ss clean energy leader, announced today an agreement
with Endesa S.A. to acquire a 49.99 percent stake in four solar plants in
Spain, with a total capacity of 446 megawatts (MW). The transaction, which is
subject to regulatory approvals and other conditions, would see Masdar invest
EUR184 million for the stake in the assets, which have an enterprise value of
EUR368 million.

 

These operating assets mark a significant milestone in Masdar's continued
growth in the Iberian Peninsula and across Europe, and further its commitment
to advancing the region's renewable energy ambitions. The proposed acquisition
follows last year's agreement between Masdar and Endesa to partner in a
portfolio of over 2GW of solar assets, with the potential to add 0.5GW of
battery storage, in one of Spain's biggest renewable energy transactions in
recent years.

 

Masdar's continued partnership with Endesa is expected to play a significant
role in helping Spain meet its National Energy and Climate Plan (NECP)
targets. Last year, Masdar also acquired Saeta, an established renewables
platform with an operating portfolio of 745MW of predominantly wind assets,
and a 1.6GW development pipeline in Spain and Portugal. This latest
transaction brings Masdar's total operational capacity in the Iberian
Peninsula to 3.2GW.

 

Masdar is committed to supporting the EU reach its 2050 net-zero targets. Last
month, Masdar and global energy leader Enel Group, to which Endesa belongs,
signed a Memorandum of Understanding (MoU) to explore potential renewable
energy opportunities in countries including Italy, Spain, and Germany.

 

Advisors:

Masdar has retained BNPP as its transaction advisor, Linklaters as legal
advisor, UL as technical advisor, PwC as its tax advisor.

 

Banks:

The acquisition will be partially funded via acquisition financing from BNPP,
Santander, Intesa, ADCB, FAB and SMBC. Lenders were advised by Ashurst.

 

 

-ENDS-

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