Masdar secures 49.99% stake in four operational Spanish solar plants, adding 446 MW of capacity.
Transaction lifts Masdar’s gross operational capacity in the Iberian Peninsula to 3.2 GW, with more than 2 GW in the pipeline.
Spain cements role as a strategic hub in Europe’s energy transition as Masdar deepens partnership with Endesa.
Masdar has completed the €368 million ($392 million) acquisition of a near-50% stake in a portfolio of four solar photovoltaic plants in Spain, strengthening its position in one of Europe’s most competitive renewable energy markets.
The deal, closed with Endesa’s renewable subsidiary Enel Green Power España, brings 446 megawatts of operating capacity into Masdar’s European portfolio. The Abu Dhabi-based company invested €69 million in equity and secured €115 million in acquisition financing.
The purchase builds on Masdar’s 2024 agreement with Endesa for 2 gigawatts of solar assets, one of Spain’s largest renewable transactions to date. With this latest addition, Masdar’s total gross operational capacity across the Iberian Peninsula reaches 3.2 gigawatts, alongside a development pipeline of more than 2 GW.
Deepening Strategic Ties With Endesa
The acquisition consolidates Masdar’s partnership with Endesa, Spain’s leading power utility and a subsidiary of Italy’s Enel Group. The companies’ earlier deal included provisions for up to 500 MW of battery storage, underscoring the growing importance of flexible capacity in Europe’s power markets.
“Spain is one of the most important energy transformation markets in Europe,” said Mohamed Jameel Al Ramahi, Chief Executive of Masdar. “Strengthening our partnership with Endesa ensures we can contribute to decarbonizing the grid while positioning ourselves for further growth in Southern Europe.”
Enel’s Chief Executive Flavio Cattaneo welcomed the transaction, describing it as “another step in our long-term partnership with Masdar” and a lever to accelerate the region’s clean energy build-out.
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Spain as a Growth Platform
Spain has emerged as a cornerstone of Europe’s solar expansion, supported by strong resource conditions, a clear regulatory framework, and ambitious National Energy and Climate Plan (NECP) targets. The country aims for 74% of electricity generation from renewables by 2030, positioning it as one of the EU’s most dynamic clean-power markets.
For Masdar, Spain is also a launchpad for broader European ambitions. The company closed the €1.2 billion acquisition of Saeta Yield in late 2024, bringing 2.3 GW of wind and solar assets under its control. Saeta now operates as Masdar’s principal Iberian hub, facilitating further expansion into Italy, Germany, and beyond.
The latest transaction also follows a Memorandum of Understanding signed earlier this year with Enel Group to explore joint projects in Spain, Italy, and Germany. Such partnerships reflect a broader trend of cross-border collaboration, as developers seek scale and financial resilience in Europe’s increasingly competitive renewables sector.
Financing and Climate Goals
The €368 million financing structure combines Masdar’s equity with debt from European lenders, in line with the growing appetite among banks and institutional investors for stable renewable assets. With operational plants already generating cash flows, the deal offers immediate returns while bolstering long-term decarbonization capacity.
For investors and C-suites, the transaction illustrates how strategic capital deployment into operational assets can both de-risk exposure and accelerate contribution to EU net-zero objectives. The EU’s 2050 climate targets hinge on rapidly expanding renewables and integrating storage, areas where Masdar and Endesa are now positioned as aligned partners.
Broader Global Ambitions
Masdar’s European expansion forms part of its wider commitment to reach 100 GW of renewable capacity worldwide by 2030. The company has active developments across the Middle East, Asia, and Africa, but Europe remains central due to policy stability, high capital flows, and ambitious climate mandates.
By embedding itself deeper into Spain’s energy sector, Masdar is not only reinforcing its Iberian footprint but also securing a stronger role in Europe’s clean energy transformation. For Spain, the transaction confirms its place as a preferred entry point for international capital targeting EU climate opportunities.
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