Abu Dhabi Future Energy Co. PJSC Masdar & Endesa Finalize Partnership for 2GW Solar

RNS Number : 1849R

Abu Dhabi Future Energy Co. PJSC

23 December 2024

 

 

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.

 

 

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