Abu Dhabi's renewable energy company, Masdar, is nearing a $200 million agreement to acquire a 49.9% stake in a 450-megawatt solar portfolio managed by Spanish utility Endesa. This strategic move aims to bolster Masdar's presence in Spain, aligning with its ambition to achieve 100 gigawatts of global renewable energy capacity by 2030.

A Masdar spokesperson commented on the company's expansion goals, stating that they are actively exploring opportunities in the region to meet their global target. Endesa has chosen not to provide any comments on the ongoing negotiations.

This prospective deal aligns with the strategy of Enel, Endesa's parent company, which seeks to manage debt by divesting minority stakes in certain projects while maintaining operational control. In July of the previous year, Masdar acquired a minority stake in a 2-gigawatt solar portfolio under Endesa's management. Additionally, in September, Masdar purchased green energy firm Saeta Yield from Brookfield for $1.4 billion, further expanding its European footprint.

Masdar's ownership structure includes significant UAE entities such as the power and water company TAQA, the national oil company ADNOC, and the sovereign wealth fund Mubadala Investment Company. These stakeholders have been instrumental in supporting Masdar's international growth initiatives.

The anticipated acquisition underscores Masdar's commitment to expanding its renewable energy portfolio in Europe, with Spain identified as a key market for its growth strategy. This move not only strengthens Masdar's position in the European renewable energy sector but also contributes to Spain's ongoing transition towards sustainable energy sources.

The collaboration between Masdar and Endesa exemplifies a strategic partnership aimed at advancing renewable energy initiatives in the region. By investing in substantial solar assets, both companies are positioning themselves to meet the increasing demand for clean energy solutions across Europe.