Masdar Invests €368M in European Solar Market Expansion

Abu Dhabi-based Masdar is pulling out all stops to add more of its renewable energy assets in Europe as part of its aggressive plan to reach 100 gigawatts (GW) of renewable energy capacity by 2030. Its latest takeover from Spain's Endesa S.A., at a cost of €184 million to acquire a 49.99% interest in four sun power facilities generating 446 megawatts (MW) of electricity in total, is one such major step in that direction. This deal, pending regulatory approvals, comes after Masdar's earlier deal with Endesa when it had acquired the same percentage of a 2 GW Spanish solar farm portfolio and another offered totaling 0.5 GW in a bid to hybridize BESS capacity. That's not the complete growth of the company.

The company purchased Saeta Yield from Brookfield Renewable Partners for around $1.4 billion. Saeta boasts 745 MW of wind power installed capacity and a 1.6 GW development project pipeline within Spain and Portugal, complementing Masdar's Iberian Peninsula presence.Masdar continued to consolidate its presence in Europe by signing a Memorandum of Understanding (MoU) with the parent holding company for Endesa, the Enel Group, to invest in the renewable energy industries in Italy, Spain, and Germany.

Such strategic steps are a testament to Masdar's ambitions for serving Europe's decarbonization and the world's energy transition. These moves align with Spain's National Energy and Climate Plan (NECP) and the vision of the European Union to meet the 2050 net-zero goal. Masdar's move to enter the renewable energy sector in Europe is an indicator of its vision of attaining world sustainability targets and sustainable long-term strategy in the clean energy sector.