Masdar pays $900m to join Enel in multi-gigawatt renewable energy portfolio

Abu Dhabi developer Masdar will pay €817m ($886m) to join fellow green power giant Enel in a gigascale portfolio in Spain.

Masdar will take a 49.99% stake in 2GW of solar plants owned by Enel’s Spanish unit Endesa, to which the new partners plan to add another 500MW of battery storage.

The deal – which is subject to regulatory approval – will be among the biggest so far in Spanish renewables, claimed Masdar, which said it could work with Endesa to develop further projects in the country.

The Spanish deal is the latest expansion by Masdar in a global push to reach 100GW of installed capacity by 2030, around five times its current level.

Masdar CEO Mohamed Jameel Al Ramahi said: “By forging a strategic partnership in Spain with Endesa for 2.5GW 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.

“This deal with Endesa will play a significant role in supporting Spain and the wider EU in meeting their net-zero ambitions.”