The solar plants have an aggregate capacity of 2 gigawatts. (Source: Shutterstock)
United Arab Emirates’ renewable energy company Masdar agreed to invest about $887 million to acquire a 49.99% stake in 48 solar plants controlled by Spanish utility Endesa.
The transaction was announced July 26 as Masdar looks to grow its presence in Europe. The company said the deal is one of Spain’s largest renewable energy deals, with an enterprise value of about $1.8 billion.
The solar plants have an aggregate capacity of 2 gigawatts (GW). Endesa and Masdar intend to add 0.5 GW of battery energy storage systems to the projects, Masdar said in a news release.
“By forging a strategic partnership in Spain with Endesa for 2.5 GW 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,” said Masdar CEO Mohamed Jameel Al Ramahi. “This deal with Endesa will play a significant role in supporting Spain and the wider EU in meeting their net-zero ambitions.”
In addition to the acquisition, the two companies plan to explore an alliance to jointly develop renewable energy projects in Spain.
Masdar is targeting a global capacity of 100 GW by 2030 as it advances plans in Europe. In June, Masdar said it reached a definitive agreement with Greece’s GEK Terna and other shareholders of renewable company Terna Energy to initially acquire a 67% stake in the company.
Recommended Reading
Dividends Declared in the Week of Sept. 9
2024-09-13 - Here is a compilation of dividends declared by select upstream and service and supply companies for third-quarter 2024.
Viper Energy Offers 10MM Shares to Help Pay for Permian Basin Acquisition
2024-09-12 - Viper Energy Inc., a Diamondback Energy subsidiary, will use anticipated proceeds of up to $476 million to help fund a $1.1 billion Midland Basin deal.
Kosmos to Repay Debt with $500MM Senior Notes Offer
2024-09-11 - Kosmos Energy’s offering will be used to fund a portion of its 7.125% senior notes due 2026, 7.750% senior notes due 2027 and 7.500% senior notes due 2028.
ONEOK Offers $7B in Notes to Fund EnLink, Medallion Midstream Deals
2024-09-11 - ONEOK intends to use the proceeds to fund its previously announced acquisition of Global Infrastructure Partners’ interest in midstream companies EnLink and Medallion.
Gulfport Releases Results on Senior Notes Offer Due 2026
2024-09-10 - As of the close of business on Sept. 9, the offer’s expiration date, Gulfport received tenders for an aggregate principal amount of approximately $524 million of the notes.
Comments
Add new comment
This conversation is moderated according to Hart Energy community rules. Please read the rules before joining the discussion. If you’re experiencing any technical problems, please contact our customer care team.