UAE’s state-owned renewables giant Masdar is eyeing the acquisition of a minority stake in Spanish utility firm Endesa’s solar portfolio, Reuters reported on Tuesday, citing two unnamed sources familiar with the matter and a document. The potential acquisition would see Masdar acquire a 49.9% stake in a 450 MW solar portfolio to the tune of USD 200 mn.

Behind the move: While the Emirati renewables giant didn’t confirm the reports, it said it was looking “to explore opportunities in the region as [it expands] towards [its] global target of 100 GW by 2030,” a Masdar company spokesperson told the news outlet. For Endesa’s owner, Italy’s Enel, the sale could help relieve its debt obligations through minority sell-offs whilst retaining control through a majority stake, Reuters said.

The latest in an EU shopping spree: Masdar finalized a 49.99% stake acquisition in EGPE Solar, an Endesa subsidiary with a 2 GW capacity, last December. Last year also saw it bolster its European portfolio by acquiring 1.6 GW worth of renewables through the acquisition of Spanish renewables firm Saeta Yield, in addition to a 70% stake in Greece’s Terna Energy, and a 49% stake in the UK’s 3 GW Dogger Bank. Across the pond, it also bought 50% of US renewable energy firm Terra-Gen Power Holdings last October.

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