UAE-based renewables developer Masdar (Abu Dhabi Future Energy Company) is keen on buying almost half of a roughly 450-MW portfolio of solar assets controlled by Spanish utility Endesa SA, Reuters reports.
Masdar could pay around USD 200 million (EUR 183.2m) to get a 49.9% ownership in the portfolio, sources familiar with the matter have said.
Meanwhile, a spokesperson for the UAE group has told Reuters that the group is exploring opportunities to beef up its operations in Spain, a country it regards as key for its European expansion.
The contemplated transaction would build on an existing partnership between Masdar and Endesa, which is owned by Italian utility group Enel SpA. Just before the end of 2024, Masdar bought a 49.99% stake in EGPE Solar, an Endesa unit with a 2-GW portfolio of operational solar farms in Spain. The deal came along with the acquisition of Spanish wind and solar developer-operator Saeta Yield SA, a move that gave Masdar access to over 2.7 GW of solar and wind power assets across the Iberian Peninsula, plus a 1.6-GW development pipeline.
