Abu Dhabi Future Energy Company PJSC, known as Masdar, has concluded an agreement to acquire a 49.99% stake in four Spanish solar plants operated by Endesa S.A., a subsidiary of the Enel Group. The investment amounts to €184 million, based on a total enterprise value of €368 million, and remains subject to regulatory approvals and other contractual conditions.
The transaction builds on a partnership formed in 2024, in which Masdar acquired an equivalent stake in a 2-gigawatt (GW) portfolio of solar projects owned by Endesa in Spain. That portfolio also included the potential development of 0.5 GW of battery storage systems, underlining growing interest in hybrid energy solutions across the Iberian Peninsula.
Strategic expansion on the Iberian Peninsula
With this new transaction, Masdar strengthens its footprint in the region, raising its total operational capacity to 3.2 GW in Spain and Portugal. This growth also draws on the 2024 acquisition of Saeta, a renewable energy platform with 745 megawatts (MW) of installed capacity, primarily wind power, and a 1.6 GW development pipeline.
According to Mohamed Jameel Al Ramahi, Chief Executive Officer of Masdar, this acquisition represents a further step in the group’s European strategy. He emphasised the company’s ambition to support the European Union’s climate objectives while consolidating its presence in strategic markets such as Spain.
Energy targets and industrial cooperation
This transaction aligns with the objectives of Spain’s National Energy and Climate Plan (NECP) and reinforces cooperation between Masdar and major European industrial players. Flavio Cattaneo, Chief Executive Officer of the Enel Group, reiterated the importance of this collaboration to accelerate the energy transition through partnerships with international industrial entities.
Masdar, which claims more than 50 GW of installed capacity, has set a target of reaching 100 GW by 2030. The Emirati group is also exploring new opportunities across Europe, as reflected in a recently signed memorandum of understanding with the Enel Group to assess potential projects in Italy, Germany, and Spain.
