(MENAFN) Abu Dhabi Future Energy Company, known as Masdar, has acquired a 49.99 percent stake in Endesa's solar energy facilities in Spain for 817 million euros (USD887.10 million). This acquisition aligns with Endesa's strategy of selling minority stakes in strategic projects to maximize returns while maintaining control over the assets. Endesa, which is controlled by Italy's Eni, announced that the deal attributes an enterprise value of 1.7 billion euros to EGPE Solar, the entity managing the power plants. EGPE Solar oversees Endesa's solar power plants in Spain, which have a total capacity of approximately two gigawatts. The transaction is expected to be finalized by the end of the year.

Masdar highlighted that this acquisition is one of the largest renewable energy deals in Spain. The portfolio Masdar intends to acquire comprises 48 operational solar power plants with a combined capacity of two gigawatts. Additionally, Masdar and Endesa plan to integrate a 0.5 gigawatt battery system into the projects. This strategic move underscores Masdar's commitment to the energy transition in Spain and Europe. The company believes that these solar projects will significantly contribute to Spain's national energy and climate objectives, as well as the European Union's goal of achieving climate neutrality by 2050.

Beyond the acquisition, Masdar and Endesa have signed a Memorandum of Understanding to collaborate on developing additional renewable energy projects in Spain. This partnership highlights both companies' dedication to expanding renewable energy infrastructure and supporting sustainable energy initiatives. Through this collaboration, Masdar aims to play a pivotal role in advancing Spain's renewable energy capacity and fostering the broader European transition towards clean energy.

MENAFN28072024000045015682ID1108490645