Masdar snaps up minority stake in Spanish Endesa’s solar plants: Renewables giant Masdar inked an agreement to acquire a strategic minority stake of 49.99% in four solar assets owned by Spanish utility firm Endesa for EUR 184 mn, according to a statement. The target assets boast a capacity of 446 MW, and have an enterprise value of EUR 368 mn. The transaction is subject to regulatory approvals. Reuters broke the news of a potential acquisition last week.

Where’s the money coming from? The acquisition will be partially funded via financing from BNPP, Santander, Intesa Sanpaolo, ADCB and FAB. Lenders were advised by Ashurst. This implies that the part of the transaction will be financed through Masdar’s internal resources.

Not the last dance? Last month, Masdar and Endesa’s owner Enel Group inked an MoU to explore potential renewable energy opportunities in Italy, Spain, and Germany, and other markets, the statement reads.

Building momentum in Spain…: In December 2024, Masdar completed the acquisition of a nearly 50% stake in EPGE Solar, a subsidiary of Endesa, for an enterprise value of EUR 817 mn and an equity value of EUR 280 mn, which gave it ownership of the energy generated by EPGE’s 2 GW solar portfolio. The two companies are also mulling a potential battery energy storage system hybridization developed on the portfolio of EPGE’s solar plants with up to 0.5 GW of additional capacity. The state-owned firm also acquired Spanish renewables firm Saeta Yield from Brookfield Renewable last year for EUR 1.2 bn, which added 1.6 GW of renewables to Masdar’s portfolio.

…and across the globe: The most recent agreement is the latest in a long line of European renewable acquisitions, as the renewables giant looks to hit its target of 100 GW of renewables by 2030. Last year also saw it acquire 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 Terra-Gen Power Holdings, a US renewable energy producer. Masdar is also said to be looking to acquire an undisclosed stake in the Portuguese renewable assets of TotalEnergies.

ADVISORS- Masdar enlisted BNPP as its advisor, Linklaters as legal advisor, UL as technical advisor, PwC as its tax advisor.

IPO plans for Masdar?

ALSO- Could an IPO be on the cards for Masdar? The renewables giant is reportedly in the early stages of considering an IPO, Reuters reports, citing three unnamed sources with knowledge of the matter. Masdar responded to the outlet’s questions, saying it “has no current plans to go public,” and wouldn’t comment on “market speculation” whilst it “[targets] continued ambitious growth.” One of the sources added that the company has held informal talks with banks.

The timeline: A potential IPO would not happen before 2026, the outlet reports citing a source. Abu Dhabi looks likely to be the chosen listing destination, however a dual listing on the New York Stock Exchange was also a possibility, another source said. Funds brought in through a public offering would go towards its renewable projects, as it looks to hit its 100 GW renewables target.

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