MASDAR AND ENDESA FINALISE
SPAIN STRATEGIC PARTNERSHIP FOR 2GW OPERATIONAL SOLAR PV
PORTFOLIO
· Following the partnership
agreement signed in July 2024, Masdar has received all regulatory
approvals to acquire a 49.99% stake in EGPE Solar, which owns
Endesa's operational photovoltaic (PV) assets in Spain,
for €817
· The enterprise value of EGPE
Solar, on a 100% basis, is €1.7
billion
· Partnership with Endesa S.A.
includes regulated renewable assets and long-term power purchase
agreements under which Endesa S.A. through a subsidiary, will
acquire 100 percent of the energy produced by the solar
photovoltaic (PV) assets
· Partnership cements Masdar's
position in Spain, one of EU's largest solar markets, advancing
growth plans in Europe as company targets global capacity of 100GW
by 2030.
Abu
Dhabi, UAE, and Madrid, Spain, Rome, Italy: December 23,
2024 - Masdar, the UAE's clean
energy leader, and Endesa S.A. ("Endesa") have finalised a landmark
partnership agreement to advance renewable energy initiatives in
Spain. Having received all regulatory approvals,
Masdar has acquired a 49.99 percent stake in EGPE
Solar for an enterprise value of €817 million,
and an equity value of €280 million. EPGE Solar is a
subsidiary of Enel Group's Endesa, which owns a 2 gigawatt (GW)
portfolio of operational photovoltaic (PV) assets in Spain.
Under the terms of the agreement
signed on July 25, 2024, Masdar's investment secures a 49.99%
shareholding in EGPE Solar.
The partnership includes long-term
power purchase agreements (PPAs) under which Endesa, through a
subsidiary, will acquire 100% of the energy produced by the
photovoltaic assets. Looking ahead, the collaboration also explores
the hybridisation of the portfolio with Battery Energy Storage
Systems (BESS), potentially adding up to 0.5GW of additional
capacity.
Masdar is committed to accelerating
the energy transition in Spain and the partnership is expected to
play a significant role in helping the country to meet its NECP
targets and the EU's net zero by 2050 target.
-ENDS-