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Endesa and Masdar Forge €850 Million Solar Energy Partnership

Writer's picture: Energy BoxEnergy Box

Endesa has announced the sale of a 49.99% minority stake in EGPE Solar, a subsidiary managing its operational photovoltaic (PV) assets in Spain, to Masdar, a leading clean energy company from the UAE. The transaction involves PV assets with a total installed capacity of approximately 2 GW.


As part of the agreement signed on July 25, 2024, Masdar acquired the stake for approximately €850 million, subject to standard post-closing adjustments. This values EGPE Solar at around €1.7 billion.


The deal also includes 15-year Power Purchase Agreements (PPAs), enabling Endesa to secure 100% of the energy produced by the assets through one of its subsidiaries. Future plans for the portfolio include potential integration with battery energy storage systems (BESS), adding up to 0.5 GW of capacity.


The transaction reduced Endesa's consolidated net debt by €850 million in 2024 without affecting its financial results, as the company retains control of EGPE Solar and continues full consolidation. The sale aligns with the Enel Group’s strategy to enhance financial flexibility while maintaining control of key operational assets in core markets.


Completion of the transaction followed regulatory approval, including authorization from the Spanish government for foreign investments. This partnership strengthens Endesa’s renewable energy capabilities and supports its strategic goals for long-term growth.

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