Endesa sells 49.99% stake in Spanish solar PV assets to Masdar

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Masdar would acquire a 49.99% stake in Enel Green Power Spain Solar with an operating PV portfolio of 2GW. Image: Masdar.

Spanish utility Endesa has signed an agreement with UAE state-owned renewable energy developer Masdar to sell a 49.99% stake in its subsidiary Enel Green Power Spain Solar (EGPE Solar).

The subsidiary owns all Endesa solar PV assets that are currently in operations in Spain, which have a combined installed capacity of 2GW across 48 projects.

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Both companies have agreed to sell the 49.99% participating stake in EGPE Solar for a sum of €817 million (US$887 million). According to this, the “enterprise value” of the entire company is valued at €1.7 billion.

The transaction includes the power purchase agreements signed for the solar PV portfolio owned by EGPE Solar with a 15-year duration. In the future, the company aims to hybridise its solar PV portfolio with an output of maximum 0.5GW of battery energy storage systems (BESS).

Endesa estimates the agreement will be finalised during the fourth quarter of 2024, and would still remain total control of its subsidiary, thus not impacting its financial results in the future.

Moreover, EGPE Solar and Masdar have signed a non-binding memorandum of understanding to explore a partnership to develop renewable energy projects in Spain.

Masdar is no stranger to the Spanish market where it is currently developing a 1.2GW solar PV plant in the central region of Castilla La Mancha.

Mohamed Jameel Al Ramahi, CEO of Masdar, said: “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.”

Spain targets 76GW of solar PV by 2030

Spain is currently the European country with the second largest operational solar PV capacity, only behind Germany, and with an ambitious goal of reaching 76GW by 2030. Last year, The Ministry of Ecological Transition (MITECO) updated Spain’s National Energy and Climate Plan (NECP) and nearly doubled the solar PV capacity it aims to install in the coming years, from 39GW to 76GW, along with 22GW of BESS capacity.

Last year, Spain added 5.6GW of ground-mounted capacity, up 28% from 2022, according to the country’s transmission system operator, Red Eléctrica. By the end of 2023, Spain had installed over 25.5GW of solar PV capacity, which represented 20.3% of the country’s total electricity generation.

Masdar’s European expansion

With this transaction, Masdar continues its expansion in European markets where it recently acquired a 67% stake in Greek renewables company Terna Energy. Masdar bought Terna Energy’s stake at €20 (US$21.45) per share. The Greek developer has a 2GW solar PV pipeline, with over 100MW under construction and aims to have an operational renewables portfolio in Greece and Europe of 6GW by 2030.

Masdar’s expansion not only comes through the acquisition of new assets or companies, but also through green bonds. Earlier this week, the company raised US$1 billion in financing to support the development of new clean energy projects in order to reach its goal of 100GW of renewable power portfolio by the end of the decade.

2 December 2025
Málaga, Spain
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