Masdar, a global clean energy leader, has completed the acquisition of a 49.99% stake in an EUR 368 million portfolio comprising four operational solar photovoltaic plants from Enel Green Power España S.L., a subsidiary of Endesa S.A. The transaction adds 446 megawatts of operational solar capacity to Masdar's European portfolio. The deal represents a deployment of EUR 69 million in equity by Masdar, with an additional EUR 115 million of acquisition financing.

This latest transaction brings Masdar's total gross operational capacity in the Iberian Peninsula to 3.2 GW, with more than 2 GW of development pipeline.

Strategic Partnership Expansion

The agreement consolidates the strategic partnership between Masdar and Endesa, following Masdar's acquisition of a 49.99% stake in 2 gigawatts of solar assets from Endesa in 2024. The 2024 deal was one of Spain's largest renewable energy transactions in recent years and includes plans to add up to 0.5GW of battery storage. Earlier in the year, Masdar and global energy leader Enel Group signed a Memorandum of Understanding to explore potential renewable energy opportunities in countries including Italy, Spain, and Germany.

Executive Leadership Comments

Mohamed Jameel Al Ramahi, Chief Executive Officer of Masdar, stated that the acquisition aligns with Masdar's broader global strategy to expand renewable energy capacity and demonstrates the company's long-term commitment to Europe. He expressed confidence that strengthening the partnership with Endesa through this deal will play a crucial role in the development of the Spanish renewable energy sector.

Al Ramahi emphasized that Spain, as one of the most significant energy transformation markets in Europe, will remain a key focus for Masdar for years to come. He noted that the transaction positions the company well for further growth and helps contribute to decarbonizing the energy grid, while also meeting both domestic and EU climate targets. Flavio Cattaneo, CEO of Enel Group, expressed satisfaction with the closing of the transaction, describing it as another milestone in Enel's long-term partnership with Masdar.

He indicated the company looks forward to continuing to work together in accelerating the energy transition.

Regional Growth Platform

The deal enhances Masdar's position in Spain and reinforces its broader plan for expansion across Southern Europe. In late 2024, the company completed the EUR 1.2 billion acquisition of Saeta Yield, a leading Iberian renewables platform with a portfolio of 2.3GW. Saeta now serves as Masdar's primary regional operating hub on the Iberian Peninsula. Spain represents one of the EU's most dynamic solar energy markets and serves as a cornerstone of Masdar's European growth platform.

The country's scale, regulatory environment, and ambitious NECP targets position it as an ideal contributor to Masdar's global ambition to achieve 100 GW of renewable capacity by 2030.

Financial and Advisory Structure

The acquisition was partially funded through financing from BNPP, Santander, Intesa Sanpaolo, ADCB, and FAB. BNPP acted as the transaction advisor for the deal, while Linklaters served as legal advisor, UL as technical advisor, and PwC as Masdar's tax and finance advisor. The operating assets further Masdar's commitment to advancing the region's renewable energy ambitions and supporting the EU in reaching its 2050 net-zero targets.

The transaction was announced on October 2, 2025, marking another significant step in the growing collaboration between the two energy companies.

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