Abu Dhabi Future Energy Company PJSC – Masdar has announced an agreement to acquire a 49.99% stake in four solar power plants in Spain, with a total capacity of 446 megawatts (MW). The deal, made in partnership with Endesa S.A., represents a significant step in Masdar’s expansion in the Iberian Peninsula and its broader commitment to advancing Europe’s renewable energy sector.

Masdar will invest €184 million in the transaction, which values the assets at €368 million. The deal remains subject to regulatory approvals and other conditions.

Strengthening Renewable Energy Commitments

Masdar CEO Mohamed Jameel Al Ramahi highlighted the acquisition as part of the company’s ongoing efforts to support Europe’s decarbonization goals and expand its renewable energy footprint.

“This acquisition further reflects Masdar’s commitment to supporting Europe’s decarbonization goals and advancing the global energy transformation,” said Al Ramahi.

Endesa’s parent company, Enel Group, also reaffirmed its commitment to accelerating the energy transition. Flavio Cattaneo, CEO of Enel Group, emphasized the importance of global partnerships in achieving sustainability goals.

“The agreement signed today demonstrates our commitment to accelerate the energy transition also in partnership with large international industrial groups, in line with our Strategic Plan,” said Cattaneo.

Expanding Masdar’s Iberian Portfolio

The acquisition follows Masdar’s previous 2GW solar partnership with Endesa, which includes 0.5GW of battery storage potential. The latest investment boosts Masdar’s total operational capacity in the Iberian Peninsula to 3.2GW, further solidifying its role in Spain’s National Energy and Climate Plan (NECP).

In addition to its investments in Spain, Masdar has been actively expanding its European footprint. In 2023, the company acquired Saeta, a renewables platform with 745MW of wind assets and a 1.6GW development pipeline in Spain and Portugal.

Masdar is also committed to supporting the EU’s 2050 net-zero targets. Last month, the company signed a Memorandum of Understanding (MoU) with Enel Group to explore renewable energy opportunities in Italy, Spain, and Germany.

This latest transaction underscores Masdar’s long-term strategy to play a leading role in Europe’s clean energy transition, positioning itself as a key player in the region’s sustainable growth and energy security.