Masdar from the UAE buys 49.9% of Spanish solar plants in a $191 million deal with Endesa
Masdar, a company from Abu Dhabi, said on Monday that it will spend $191.1 million (AED 702 million) to buy 49.99% of four solar power plants in Spain from the Spanish company Endesa.
Masdar-Endesa Deal
Four solar power plants will produce a total of 446 megawatts (MW), according to a statement released on Monday.
Masdar is owned by three major companies in the UAE: TAQA (a power and water company), ADNOC (a national oil company), and Mubadala Investment Company (a wealth fund).
This agreement helps Masdar grow in Spain, Portugal, and the rest of Europe while supporting regional clean energy goals.
“This deal shows Masdar’s commitment to helping Europe reduce carbon emissions and move towards clean energy,” said Masdar’s CEO, Mohamed Jameel Al Ramahi.
The deal still needs approval from regulators and other conditions to be completed.
Expanding in Europe
The agreement strengthens Masdar’s business in Spain, an important market for its European growth.
In September, Masdar bought green energy company Saeta Yield from Canada’s Brookfield for $1.4 billion. This included 745 MW of wind power and 1.6 GW of projects under development in Spain and Portugal.
With this new deal, Masdar now has a total of 3.2 GW of operational capacity in Spain and Portugal.
Background
Last year, Masdar and Endesa agreed to work together on solar projects totaling over 2 gigawatts (GW) in Spain. The deal may also include 500 MW of battery storage, making it one of Spain’s biggest renewable energy deals.
Masdar’s partnership with Endesa will help Spain meet its clean energy goals.
Last month, Masdar and Enel Group (Endesa’s owner) signed an agreement to explore new clean energy projects in Italy, Spain, and Germany.
Published: 25th March 2025
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