Abu Dhabi Future Energy Company (Masdar) and Endesa finalised a landmark partnership agreement to advance renewable energy initiatives in Spain, according to a press release.

After obtaining all regulatory approvals, Masdar acquired a 49.99% stake in EGPE Solar, a subsidiary of Enel Group’s Endesa, which owns a 2 gigawatt (GW) portfolio of operational photovoltaic (PV) assets in Spain.

The transaction, which was announced on 25 July, was completed for an enterprise value of EUR 817 million and an equity value of EUR 280 million.

The partnership includes long-term power purchase agreements (PPAs) under which Endesa will acquire 100% of the energy produced by the photovoltaic assets.

Meanwhile, the collaboration explores the hybridisation of the portfolio with Battery Energy Storage Systems (BESS), potentially adding up to 500 megawatts (MG) of additional capacity.

The joint partnership is expected to play a vital role in enabling the country to meet its national energy and climate plan (NECP) goal and the EU’s net zero by 2050 target.

Masdar recently acquired Saeta Yield from Brookfield Renewable for an implied enterprise value of EUR 1.20 billion.

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