Masdar completes acquisition of Endesa assets

Market Note - English

MASDAR AND ENDESA ACHIEVE FINANCIAL CLOSE FOR €368 MILLION SOLAR PV PORTFOLIO, EXPANDING EUROPEAN CLEAN ENERGY CAPABILITIES

· Acquisition completed of 49.99% stake in the portfolio of four operational solar PV plants in Spain

· €184 million investment by Masdar adds 446MW solar capacity to its European portfolio, bringing Masdar's total gross operational capacity in the Iberian Peninsula to 3.2GW.

· Growing partnership with Endesa reaffirms Masdar's long-term commitment to Spain as a strategic European hub for clean energy growth and transformation

ABU DHABI, UAE / MADRID, SPAIN - [Thursday, 02 October 2025]: Masdar, a global clean energy leader, today announced the closing of its acquisition of a 49.99% stake in a €368 million portfolio comprising four operational solar PV plants from Enel Green Power España S.L., a subsidiary of Endesa S.A. ("Endesa"), a leading company in the Spanish electricity sector and a subsidiary of Enel Group. The transaction represents a deployment of €69 million in equity by Masdar, with an additional €115 million of acquisition financing. The move adds a significant 446 megawatts (MW) of operational solar capacity to the company's European portfolio, while supporting Masdar's strategy to scale renewable energy capabilities across the Iberian Peninsula and wider Europe.

The agreement consolidates the strategic partnership between the two companies, after Masdar acquired a 49.99% stake in 2 gigawatts (GW) of solar assets from Endesa in 2024. The deal was one of Spain's largest renewable energy transactions in recent years and includes plans to add up to 0.5GW of battery storage. This latest transaction brings Masdar's total gross operational capacity in the Iberian Peninsula to 3.2GW, with more than 2GW of development pipeline.

These operating assets further Masdar's commitment to advancing the region's renewable energy ambitions and supporting the EU reach its 2050 net-zero targets. Earlier in the year, Masdar and global energy leader Enel Group signed a Memorandum of Understanding (MoU) to explore potential renewable energy opportunities in countries including Italy, Spain, and Germany.

The deal enhances Masdar's position in Spain and reinforces its broader plan for expansion across Southern Europe. In late 2024, the company completed the €1.2 billion acquisition of Saeta Yield, a leading Iberian renewables platform with a portfolio of 2.3GW. Saeta now serves as Masdar's primary regional operating hub on the Iberian Peninsula.

Spain, one of the EU's most dynamic solar energy markets, is a cornerstone of Masdar's European growth platform. Its scale, regulatory environment, and ambitious NECP targets position the country as an ideal contributor to Masdar's global ambition to reach 100GW of renewable capacity by 2030.

Advisors:BNPP acted as the transaction advisor, Linklaters as legal advisor, UL as technical advisor, and PwC as Masdar's tax and finance advisor.

Banks:The acquisition was partially funded via financing from BNPP, Santander, Intesa Sanpaolo, ADCB, and FAB.

-ENDS-