Masdar Acquires 49.99% Stake in €368M Spanish Solar Portfolio from Enel Green Power

Abu Dhabi-based clean energy leader Masdar has closed the acquisition of a 49.99% stake in a €368 million portfolio of four operational solar PV plants from Enel Green Power España S.L., a subsidiary of Endesa S.A. and part of Enel Group.

The transaction involves €69 million in equity deployment by Masdar and €115 million in acquisition financing. It adds 446 megawatts (MW) of operating solar capacity to Masdar’s European portfolio, strengthening its renewable energy footprint across Spain and the wider Iberian Peninsula.

This deal builds on the companies’ strategic partnership, following Masdar’s acquisition of a 49.99% stake in 2 gigawatts (GW) of solar assets from Endesa in 2024—one of Spain’s largest renewable transactions in recent years. That agreement also included plans for up to 0.5GW of battery storage. With the latest acquisition, Masdar’s gross operational capacity in the Iberian Peninsula now stands at 3.2GW, supported by more than 2GW in the development pipeline.

Masdar CEO Mohamed Jameel Al Ramahi said the transaction reinforces the company’s long-term commitment to Europe. “This acquisition aligns with our global strategy to expand renewable capacity and further strengthens our partnership with Endesa. Spain, as one of Europe’s most important energy transformation markets, will remain a key focus for Masdar in the years ahead,” he noted.

Enel Group CEO Flavio Cattaneo highlighted the importance of the partnership. “We are pleased with the closing of this transaction, which represents another milestone in our long-term collaboration with Masdar. We look forward to accelerating the energy transition together,” he said.

The deal also complements Masdar’s broader expansion in Southern Europe. In late 2024, the company completed the €1.2 billion acquisition of Saeta Yield, a leading Iberian renewables platform with 2.3GW of assets, which now serves as Masdar’s regional hub.

Spain remains a cornerstone of Masdar’s European growth platform, thanks to its scale, supportive regulatory environment, and ambitious National Energy and Climate Plan (NECP) targets. The acquisition supports the company’s global ambition of reaching 100GW of renewable capacity by 2030 while contributing to EU decarbonization goals.