UAE's Masdar Secures Major Renewables Investments In Spain And Portugal
Date
12/24/2024 2:09:31 AM
(MENAFN- Trend News Agency)
BAKU, Azerbaijan, December 24. The UAE's Masdar
has expanded its operations in Europe through two major
acquisitions in the Iberian Peninsula, Trend reports.
The first Acquisition involved the purchase of Saeta Yield, a
renewable energy platform with a 745 MW portfolio of wind and solar
assets in Spain and Portugal, for an enterprise value of 1.2
billion euros. This acquisition, which excludes 350 MW of
concentrated solar power assets retained by the seller, Brookfield
Renewable Partners, includes Saeta's 1.6 GW development
pipeline.
In a separate transaction, Masdar acquired a 49.99 percent stake
in EGPE Solar, a subsidiary of Endesa S.A., for an enterprise value
of 817 million euros. EGPE Solar owns a 2 GW portfolio of
operational photovoltaic assets in Spain. The partnership between
Masdar and Endesa includes long-term power purchase agreements,
with plans to add 0.5 GW of battery energy storage systems to the
projects. Endesa retains operational control of the assets under
the agreement.
“These landmark acquisitions demonstrate Masdar's commitment to
advancing renewable energy and reinforce our position as a global
partner in the energy transition,” said Mohamed Jameel Al Ramahi,
CEO of Masdar.“Our investments in Spain and Portugal reflect
confidence in these markets and support the EU's climate
goals.”
These recent acquisitions follow Masdar's earlier purchase of a
majority stake in TERNA ENERGY in Greece. Together, these
investments solidify Masdar's growing portfolio in Europe,
advancing its mission to lead the global energy transition.
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