Masdar invests €817 million for stake in Spain solar assets

Spain

MADRID, July 26, 2024 – Masdar has taken a 49.99% stake in 2 GW of Spanish utility Endesa’s renewable energy assets for EUR 817 million, the Abu Dhabi-based clean energy player said on Thursday.

The deal includes plans to add future battery energy storage system (BESS) hybridisation on the portfolio of 48 solar plants, for up to 500 MW of incremental capacity.

A further agreement was signed between Masdar and Endesa on exploring opportunities to develop renewables in Spain.

Masdar targets “ambitious” growth in its portfolio of European renewables projects as the EU targets net zero by 2050 and countries scramble to meet this goal.

Solar is a major and still-growing source of energy in Spain. As of end-2023, the country boasted a solar power capacity of around 256 GW, according to the Energy Institute.

Wholly owned by Mubadala Investment Company, the strategic investment arm of Abu Dhabi’s government, Masdar was formed in 2006 to take up leadership in the global energy industry while fostering research and investment in sustainable energy sources and economic diversification.

Photo of the Valdecaballeros photovoltaic park in Extremadura courtesy of Endesa.