Masdar Partners with Endesa to Invest €817 Million in 2.5GW Renewable Energy Projects in Spain

Masdar, the UAE’s clean energy leader, announced an agreement with Endesa S.A. to partner on 2.5 gigawatts (GW) of renewable energy assets in Spain, pending regulatory approvals and other conditions. Masdar will invest €817 million to acquire a 49.99% stake in a portfolio valued at €1.7 billion, marking one of Spain’s largest renewable energy deals. Masdar is jointly owned by TAQA, ADNOC, and Mubadala, while Endesa is a subsidiary of Italian energy giant Enel.

The portfolio includes 48 operational solar plants with a combined capacity of 2GW. Endesa and Masdar also plan to add 0.5GW of battery energy storage systems (BESS) to these projects. This partnership underscores Masdar’s reputation as a global energy partner for governments, investors, developers, and communities.

The deal highlights Masdar’s commitment to accelerating the energy transition in Spain and Europe, supporting Spain’s National Energy and Climate Plan (NECP) and the EU’s net zero by 2050 targets.

Alongside the acquisition Share Purchase Agreement (SPA), Masdar and Endesa signed a Memorandum of Understanding (MoU) to explore joint development of renewable energy projects in Spain.

Additionally, Masdar and Spain’s Iberdrola reached financial close on the 476MW Baltic Eagle offshore wind project in the Baltic Sea, Germany, earlier this year.

Masdar’s presence in Spain also includes the ongoing development of the Almenara 1.2GW solar photovoltaic (PV) project in Castilla la Mancha.

HE Dr Sultan Al Jaber, UAE Minister of Industry and Advanced Technology, Chairman of Masdar and COP28 President, said:

“Building on Masdar’s global expertise and pioneering approach to renewable energy innovation and development, this partnership underscores our commitment to unlocking clean energy capacity in Spain, Europe, and around the world, supporting the global mandate enshrined in the COP28’s UAE Consensus to triple renewable energy capacity by 2030 enabling a just, orderly and equitable energy transition. Masdar is accelerating its ambitious growth plans as we target 100GW of renewable energy capacity by the end of the decade.”

Flavio Cattaneo, CEO of Enel Group, said:

“We are pleased that Enel, through its subsidiary Endesa, has started this partnership with a major player such as Masdar and, looking ahead, we hope that we will be able to carry out similar transactions in other geographies.”

Mohamed Jameel Al Ramahi, Chief Executive Officer of Masdar, commented:

“By forging a strategic partnership in Spain with Endesa for 2.5GW of solar and battery storage assets, we are taking a significant step forward in our ambitious growth plans in one of Europe’s largest renewables markets. This deal with Endesa will play a significant role in supporting Spain and the wider EU in meeting their net-zero ambitions. We are delighted to also sign an MoU with Endesa to become their preferred partner for future solar projects.”