- The transaction would see Masdar become a partner for
2.5 gigawatts (GW) of renewable energy assets in Spain, subject to regulatory approvals and
other conditions
- Masdar will invest €817m to acquire a 49.99% stake in 2GW of
solar energy plants, with a potential BESS hybridization for up to
0.5 GW
- Masdar has also signed an MoU with Endesa to explore an
alliance aimed at jointly developing renewable energy projects in
Spain
- One of Spain's biggest
renewable energy transactions in recent years, the partnership is
expected to play a significant role in helping Spain meet its NECP targets and the EU's net
zero by 2050 target
- Agreement 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, July 26,
2024 /CNW/ -- Abu Dhabi Future Energy Company
PJSC – Masdar ("Masdar"), the UAE's clean energy leader, announced
today that it has reached an agreement with Endesa S.A. ("Endesa")
to become a partner for 2.5 gigawatts (GW) of renewable energy
assets in Spain, subject to
regulatory approvals and other conditions. The transaction would
see Masdar invest €817 million to acquire a 49.99% stake, with an
enterprise value of €1.7 billion, representing one of Spain's biggest renewable energy deals.
The portfolio Masdar plans to acquire consists of 48 operational
solar plants of 2GW aggregated capacity. Endesa and Masdar aim to
add 0.5GW of battery energy storage system (BESS) to the
projects. The partnership reinforces Masdar's reputation as a
trusted global energy partner for governments, investors,
developers, and communities.
The deal demonstrates Masdar's commitment to accelerating the
energy transition in Spain and
Europe, and these solar projects
will play an important role in supporting Spain to meet its National Energy and Climate
Plan (NECP) and the EU's net zero by 2050 targets.
In addition to the acquisition Share Purchase Agreement (SPA),
Masdar and Endesa have signed a Memorandum of Understanding (MoU)
to explore an alliance aimed at jointly developing renewable energy
projects in Spain.
The deal reflects Masdar's ambitious growth plans in
Europe, having recently announced
that it has reached a definitive agreement with Greece's GEK TERNA
SA and other shareholders of TERNA ENERGY SA to initially
acquire 67% of the company's outstanding shares, subject to
regulatory approvals and other conditions. With a strong portfolio
of projects in Greece and
Europe, TERNA ENERGY is targeting
renewable energy operational capacity of 6GW by 2030.
In March this year, Masdar and Spain's Iberdrola also reached financial close
on the 476MW Baltic Eagle offshore wind project located in the
Baltic Sea off the coast of Germany.
Masdar's existing presence in Spain includes the Almenara 1.2GW solar
photovoltaic (PV) project in the Castilla la Mancha region of
Spain currently under
development.
Masdar is jointly owned by TAQA, ADNOC, and Mubadala; Endesa is
a subsidiary of the Italian energy giant Enel.
HE Dr Sultan Al Jaber, UAE
Minister of Industry and Advanced Technology, Chairman of Masdar
and COP28
President, said:
"Building on Masdar's global expertise and pioneering approach
to renewable energy innovation and development, this partnership
underscores our commitment to unlocking clean energy capacity in
Spain, Europe, and around the world, supporting the
global mandate enshrined in the COP28's UAE Consensus to triple
renewable energy capacity by 2030 enabling a just, orderly and
equitable energy transition. Masdar is accelerating its ambitious
growth plans as we target 100GW of renewable energy capacity by the
end of the decade."
Flavio Cattaneo, CEO of Enel
Group, said:
"We are pleased that Enel, through its subsidiary Endesa, has
started this partnership with a major player such as Masdar and,
looking ahead, we hope that we will be able to carry out similar
transactions in other geographies."
Mohamed Jameel Al Ramahi,
Chief Executive Officer of Masdar, commented:
"By forging a strategic partnership in Spain with Endesa for 2.5GW of solar and
battery storage assets, we are taking a significant step forward in
our ambitious growth plans in one of Europe's largest renewables markets. This deal
with Endesa will play a significant role in supporting Spain and the wider EU in meeting their
net-zero ambitions. We are delighted to also sign an MoU with
Endesa to become their preferred partner for future solar
projects."
Advisors:
Masdar has retained BNPP as its transaction advisor, Linklaters
as legal advisor, UL as technical advisor, PwC as its tax advisor,
and PexaPark as PPA advisor.
Banks:
The acquisition was partially funded via acquisition financing
from BNPP, Santander, Intesa, ADCB, FAB and SMBC. Lenders were
advised by Ashurst.
About Masdar
Masdar (Abu Dhabi Future Energy Company) is one of the world's
fastest-growing renewable energy companies. As a global clean
energy pioneer, Masdar is advancing the development and deployment
of solar, wind, geothermal, battery storage and green hydrogen
technologies to accelerate the energy transition and help the world
meet its net-zero ambitions. Established in 2006, Masdar has
developed and invested in projects in over 40 countries with a
combined capacity of over 20 gigawatts (GW), providing affordable
clean energy access to those who need it most and helping to power
a more sustainable future.
Masdar is jointly owned by TAQA, ADNOC, and Mubadala, and is
targeting a renewable energy portfolio capacity of 100GW by 2030
while aiming to be a leading producer of green hydrogen by the same
year.
For more information please visit: https://www.masdar.ae and
connect: facebook.com/masdar.ae and twitter.com/masdar.
About Endesa
Endesa is a leading electricity company in Spain and the second largest in Portugal. It is also the second largest gas
operator in the Spanish market. It undertakes end-to-end business
including the generation, distribution and retailing of
electricity. It also offers electric mobility services, where it is
one of the main operators of charging stations in Spain, and other value-added services aimed at
the electrification of energy uses in homes, companies, industries
and public administrations. Endesa is firmly committed to the
United Nations SDGs and strongly supports the development of
renewable energies through Enel Green Power España, the
digitalization of grids through e-distribución and Corporate Social
Responsibility. The Endesa Foundation is also active in CSR. Our
workforce numbers around 9,000 employees. Endesa is a division of
Enel, the largest electricity group in Europe.
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SOURCE Masdar