Masdar strengthens Iberian presence with Endesa partnership

Masdar has acquired Saeta Yield from Brookfield Renewable Partners for an enterprise value of approximately US$1.3bn and an equity value of around US$751mn.

In addition, Masdar and Endesa have finalised a partnership to advance renewable energy projects in Europe. As part of this agreement, Masdar has purchased a 49.99% stake in EGPE Solar for an enterprise value of about US$885mn and an equity value of approximately US$303mn.

EGPE Solar, a subsidiary of Enel Group’s Endesa, manages a 2-gigawatt portfolio of operational photovoltaic (PV) assets in Spain.

Saeta’s portfolio comprises 745 megawatts (MW) of primarily wind energy assets, including 538MW in Spain, 144MW in Portugal, and 63MW of solar PV assets in Spain, alongside a 1.6-gigawatt development pipeline.

The transaction excludes a regulated 350MW concentrated solar power portfolio, which Brookfield will retain and continue to manage.

The agreement grants Masdar a significant stake in EGPE Solar, while Enel remains responsible for the company’s operations and assets. This collaboration involves long-term power purchase agreements (PPAs), enabling Endesa, through a subsidiary, to procure 100% of the energy generated by the photovoltaic projects. The partnership also includes plans to integrate 0.5GW of battery energy storage systems (BESS) into the portfolio, aligning with strategic goals for renewable energy expansion.

Mohamed Jameel Al Ramahi, CEO of Masdar, said, “These landmark acquisitions build on Masdar’s strong growth story and reinforces its credentials as a trusted global partner for governments, investors and communities, demonstrating our commitment to the EU’s wider Net Zero by 2050 strategy. The acquisition of Saeta, as well as our partnership with Endesa, is a strong vote of confidence in Spain and Portugal where we will work to unlock new capacity as Masdar targets a global capacity of 100GW by 2030.”