{"id":94218,"date":"2024-07-26T00:00:00","date_gmt":"2024-07-26T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/uae\/masdar-snaps-up-c-50-of-spanish-solar-energy-firm\/"},"modified":"2024-07-26T00:00:00","modified_gmt":"2024-07-26T00:00:00","slug":"masdar-snaps-up-c-50-of-spanish-solar-energy-firm","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/uae\/2024\/07\/26\/masdar-snaps-up-c-50-of-spanish-solar-energy-firm\/","title":{"rendered":"Masdar snaps up c. 50% of Spanish solar energy firm"},"content":{"rendered":"

State-owned renewable energy developer Masdar is set to acquire a <\/strong>minority c. 50% stake in Spanish renewables assets<\/strong> for AED 3.27 bn, in what\u2019s being billed as one of Spain\u2019s biggest ever renewables transactions, it said in a statement<\/a> yesterday. The transaction hands Masdar a stake in Spanish power firm Endesa\u2019s subsidiary, EPGE Solar, which holds an enterprise value of EUR 1.7 bn, according to a statement<\/a> from Endesa parent company Enel.<\/p>\n

What Masdar is getting:<\/strong> This will make Masdar a partner in 48 solar plants with 2.5 GW capacity in Spain once the transaction closes in 4Q 2024.<\/span><\/p>\n

What Endesa is getting:<\/strong> Complete ownership of the energy generated by the solar projects, under 15-year power purchase agreements between the two companies. It can also see a battery energy storage system hybridization developed on the portfolio of plants with up to 0.5 GW of incremental capacity, according to the statement. <\/p>\n

The two companies also agreed to explore an alliance that would develop renewable energy projects in Spain<\/strong>, the statements said. <\/p>\n

Not Masdar's<\/font> first foray into Spain: <\/strong>Masdar\u2019s portfolio includes a 1.2 GW solar plant in the Castilla La Mancha region of Spain, dubbed Almenara, the statement said. <\/p>\n

And part of a wider push into Europe: <\/strong>The renewables giant recently acquired<\/a> an initial 67% stake in Greece\u2019s Terna Energy as it looks to make \u201cbig acquisitions\u201d in order to meet its goal of reaching 100 GW of renewables capacity by 2030. It also reached financial close<\/a> to secure its 49% acquisition of the 476 MW Baltic Eagle wind farm off the coast of Germany earlier in March and finalized the acquisition of a 49% stake in the UK\u2019s 3 GW Dogger Bank South wind farm from German energy giant RWE. <\/p>\n","protected":false},"excerpt":{"rendered":"

This will make Masdar a partner in 48 solar plants with 2.5 GW capacity in Spain<\/p>\n","protected":false},"author":1,"featured_media":94219,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1604],"tags":[143,171,211],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-94218","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-energy","tag-energy","tag-masdar","tag-renewables","wpautop","entry"],"acf":{"mongo_id":"b9cadece-bc29-4076-b060-2ace6f101077","order":"3","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/7\/1420.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Masdar snaps up c. 50% of Spanish solar energy firm for AED 3.27 bn","related_issue":[94213],"teaser":"This will make Masdar a partner in 48 solar plants with 2.5 GW capacity in Spain","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/7\/.325ccdf0-4526-4f68-9224-fd6a9a38df1a.mp3"},"yoast_head":"\nMasdar snaps up c. 50% of Spanish solar energy firm - 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