United Arab Emirates (UAE)-based renewable energy company Masdar is in advanced discussions to acquire a 49.9% stake in a solar portfolio from Spain’s Endesa for $200m.
The deal, focused on a 450MW portfolio, aligns with Masdar’s strategy to expand its European operations, particularly in Spain, as reported by Reuters.
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The potential agreement would build upon the existing partnership between Masdar and Endesa.
A Masdar spokesperson stated: “While we do not comment on market speculation, we continue to explore opportunities in the region as we expand towards our global target of 100GW by 2030.” Endesa has not commented.
The acquisition would also support the strategy of Enel, Endesa’s parent company, to divest minority stakes to manage debt while retaining asset control.
Masdar acquired a minority stake in a 2GW solar portfolio from Endesa in July 2024.
In September, Masdar purchased Saeta Yield, a green energy company, from Canada’s Brookfield for $1.4bn.
Masdar is owned by UAE’s TAQA, ADNOC and the Mubadala Investment Company.
The company has been expanding its European presence, as noted by a Masdar spokesperson, via deals with Enel and Greek renewable energy company Terna.
Masdar also recently signed an agreement with TAQA Transmission and Eni to enhance a tripartite energy partnership between the UAE, Italy and Albania.
This agreement, formalised by Masdar CEO Mohamed Jameel Al Ramahi, TAQA Group CEO Jasim Husain Thabet, and Eni CEO Claudio Descalzi, aims to establish a long-term power off-take agreement in Italy.
The agreement was signed in the presence of UAE President Sheikh Mohamed bin Zayed Al Nahyan and Italian Prime Minister Giorgia Meloni.
It will enhance the renewable energy capacity generated in Albania and transmitted through the cross-border interconnection between Albania and Italy.
