BAKU, Azerbaijan, December 24. The UAE's Masdar has expanded its operations in Europe through two major acquisitions in the Iberian Peninsula, Trend reports.
The first acquisition involved the purchase of Saeta Yield, a renewable energy platform with a 745 MW portfolio of wind and solar assets in Spain and Portugal, for an enterprise value of 1.2 billion euros. This acquisition, which excludes 350 MW of concentrated solar power assets retained by the seller, Brookfield Renewable Partners, includes Saeta's 1.6 GW development pipeline.
In a separate transaction, Masdar acquired a 49.99 percent stake in EGPE Solar, a subsidiary of Endesa S.A., for an enterprise value of 817 million euros. EGPE Solar owns a 2 GW portfolio of operational photovoltaic assets in Spain. The partnership between Masdar and Endesa includes long-term power purchase agreements, with plans to add 0.5 GW of battery energy storage systems to the projects. Endesa retains operational control of the assets under the agreement.
“These landmark acquisitions demonstrate Masdar’s commitment to advancing renewable energy and reinforce our position as a global partner in the energy transition,” said Mohamed Jameel Al Ramahi, CEO of Masdar. “Our investments in Spain and Portugal reflect confidence in these markets and support the EU’s climate goals.”
These recent acquisitions follow Masdar’s earlier purchase of a majority stake in TERNA ENERGY in Greece. Together, these investments solidify Masdar’s growing portfolio in Europe, advancing its mission to lead the global energy transition.