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<a href="https://masdar.ae/" target="_blank" rel="noopener">Masdar</a> (Abu Dhabi Future Energy Company PJSC), a UAE-based renewable energy project developer, announced the signing of an agreement with Endesa, a Spanish multinational electric utility company, to acquire a 49.99% stake in four solar projects totaling 446 MW in Spain. The transaction has an enterprise value of €368 million (~$397.88 million).
The acquisition is subject to regulatory approvals and other conditions. Masdar will invest €184 million (~$198.94 million) for the stake in the projects.
BNPP, Santander, Intesa Sanpaolo, ADCB, and FAB provided the acquisition financing, which will partially fund the purchase.
Linklaters acted as the legal advisor to Masdar, while Ashurst served as an advisor to the lenders.
This acquisition follows last year’s agreement between the two companies to partner on a portfolio of more than 2 GW of solar projects, with the potential to add 0.5 GW of battery storage projects. This latest transaction brings Masdar’s total operational capacity in the Iberian Peninsula to 3.2 GW.
Mohamed Jameel Al Ramahi, chief executive officer of Masdar, said, “This acquisition further reflects Masdar’s commitment to supporting Europe’s decarbonization goals and advancing the global energy transformation. It also marks another significant step in our strategic expansion in the Iberian Peninsula and Europe, adding to our growing portfolio on the continent. Strengthening our partnership with Endesa positions us to unlock new renewable energy opportunities across Europe and beyond while driving sustainable growth and boosting prosperity.”
According to Mercom’s Annual and Q4 2024 Solar Funding and M&amp;A <a href="https://mercomcapital.com/product/annual-and-q4-2024-solar-funding-and-ma-report/" target="_blank" rel="noopener">Report</a>, 217 large-scale solar project acquisitions totaling 37.7 GW were transacted in 2024, compared to 231 transactions totaling 45.4 GW in 2023.
Earlier this month, Velto Renewables, a renewable power producer backed by investment group CDPQ, <a href="https://mercomcapital.com/velto-renewables-to-acquire-renewable-energy-projects-from-q-energy/" target="_blank" rel="noopener">announced</a> a partnership with Q Energy Solutions, a European renewable energy company. Under this agreement, Velto Renewables will acquire a portfolio of renewable energy projects from Q Energy across multiple European countries over the coming years.

Masdar to Acquire 49.99% Stake in Four Solar Projects in Spain

OMV Petrom, an oil and gas company, has signed an agreement to <a href="https://cms.mercomindia.com/omv-petrom-acquires-solar-projects-romania/" target="_blank" rel="noopener">acquire</a> 710 MW solar projects in Romania from Danish developer Jantzen Renewables. The parks will be one of Southeast Europe’s most significant photovoltaic projects, powering the equivalent consumption of ~280,000 Romanian households annually.
Matrix Renewables, the TPG Rise-backed renewable energy platform, announced the <a href="https://cms.mercomindia.com/matrix-renewables-acquires-solar-project-texas/" target="_blank" rel="noopener">acquisition</a> of a 284 MW Stillhouse solar project in Texas from OCI Solar Power, a utility-scale solar project developer. The project is in the late stages of development, and its construction is slated to be completed by 2024, with commercial operations scheduled for 2025.
Endesa, a Spain-based electric utility company, has <a href="https://www.mercomindia.com/endesa-545-million-develop-4-8-gw-renewable-projects" target="_blank" rel="noopener">signed</a> sustainability-linked financing agreements worth €500 million (~$545.7 million) with Instituto de Crédito Oficial (ICO), a state-owned bank in Spain and the European Investment Bank (EIB) to finance the development of its 4.8 GW of renewable energy portfolio in the country.
Grenergy, an independent renewable power producer, <a href="https://grenergy.eu/wp-content/uploads/2023/07/NdP-3-INGLES-Financiacion-Chile-en-GB.docx-1.pdf?_gl=1*2c19d5*_up*MQ..*_ga*MjUwNTM0MDkxLjE2ODgzODIxMTU.*_ga_2FRD58T21S*MTY4ODM4MjExNC4xLjAuMTY4ODM4MjExNC4wLjAuMA" target="_blank" rel="noopener">secured</a> $148 million in green financing for the construction of the Gran Teno and Tamango solar projects located in Chile, with a combined capacity of 300 MW. The transaction was signed with French banks BNP Paribas and Societe Générale. This also includes other complementary credit lines. The transaction is structured as a Green Use of Proceeds loan with the funds used to finance renewable energy projects.
Energix Renewables, a U.S.-headquartered independent power producer, has <a href="https://www.mercomindia.com/energix-renewables-six-solar-projects-in-the-us" target="_blank" rel="noopener">closed</a> two project financing transactions totaling $520 million with Santander Corporate &amp; Investment Banking (Santander CIB) and Morgan Stanley Renewables to develop six utility-scale solar projects in the U.S. The financing deals involve a consortium led by Santander CIB, providing a construction and term loan facility of $260 million, while Morgan Stanley is acting as a tax equity investor with a commitment of $260 million.
Click <a href="https://cms.mercomindia.com/clean-energy-reports/" target="_blank" rel="noopener">here</a> for reports and trackers on funding and M&amp;A transactions in solar, energy storage, and smart grid sectors.
Read last week&#8217;s project finance <a href="https://cms.mercomindia.com/project-finance-brief-edf-acquires-solar-portfolio-germany/" target="_blank" rel="noopener">brief</a>.

Project Finance Brief: OMV Petrom Acquires 710 MW Solar Projects in Romania

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					</table>From: <a href="https://mercomcapital.com/project-finance-brief-omv-petrom-acquires-710-mw-solar-projects-in-romania/" target="_blank" rel="noopener">Mercom Capital Group</a>
OMV Petrom, an oil and gas company, has signed an agreement to <a href="https://mercomcapital.com/omv-petrom-acquires-solar-projects-romania/" target="_blank" rel="noopener">acquire</a> 710 MW solar projects in Romania from Danish developer Jantzen Renewables. The parks will be one of Southeast Europe’s most significant photovoltaic projects, powering the equivalent consumption of ~280,000 Romanian households annually.
Matrix Renewables, the TPG Rise-backed renewable energy platform, announced the <a href="https://mercomcapital.com/matrix-renewables-acquires-solar-project-texas/" target="_blank" rel="noopener">acquisition</a> of a 284 MW Stillhouse solar project in Texas from OCI Solar Power, a utility-scale solar project developer. The project is in the late stages of development, and its construction is slated to be completed by 2024, with commercial operations scheduled for 2025.
Endesa, a Spain-based electric utility company, has <a href="https://www.mercomindia.com/endesa-545-million-develop-4-8-gw-renewable-projects" target="_blank" rel="noopener">signed</a> sustainability-linked financing agreements worth €500 million (~$545.7 million) with Instituto de Crédito Oficial (ICO), a state-owned bank in Spain and the European Investment Bank (EIB) to finance the development of its 4.8 GW of renewable energy portfolio in the country.
Grenergy, an independent renewable power producer, <a href="https://grenergy.eu/wp-content/uploads/2023/07/NdP-3-INGLES-Financiacion-Chile-en-GB.docx-1.pdf?_gl=1*2c19d5*_up*MQ..*_ga*MjUwNTM0MDkxLjE2ODgzODIxMTU.*_ga_2FRD58T21S*MTY4ODM4MjExNC4xLjAuMTY4ODM4MjExNC4wLjAuMA" target="_blank" rel="noopener">secured</a> $148 million in green financing for the construction of the Gran Teno and Tamango solar projects located in Chile, with a combined capacity of 300 MW. The transaction was signed with French banks BNP Paribas and Societe Générale. This also includes other complementary credit lines. The transaction is structured as a Green Use of Proceeds loan with the funds used to finance renewable energy projects.
Energix Renewables, a U.S.-headquartered independent power producer, has <a href="https://www.mercomindia.com/energix-renewables-six-solar-projects-in-the-us" target="_blank" rel="noopener">closed</a> two project financing transactions totaling $520 million with Santander Corporate &amp; Investment Banking (Santander CIB) and Morgan Stanley Renewables to develop six utility-scale solar projects in the U.S. The financing deals involve a consortium led by Santander CIB, providing a construction and term loan facility of $260 million, while Morgan Stanley is acting as a tax equity investor with a commitment of $260 million.
Click <a href="https://mercomcapital.com/clean-energy-reports/" target="_blank" rel="noopener">here</a> for reports and trackers on funding and M&amp;A transactions in solar, energy storage, and smart grid sectors.
Read last week&#8217;s project finance <a href="https://mercomcapital.com/project-finance-brief-edf-acquires-solar-portfolio-germany/" target="_blank" rel="noopener">brief</a>.

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					</table><a href="https://www.endesa.com/en" target="_blank" rel="noopener">Endesa</a>, a Spain-based electric utility company, has signed sustainability-linked financing agreements worth €500 million (~$545.7 million) with Instituto de Crédito Oficial (<a href="https://www.ico.es/" target="_blank" rel="noopener">ICO</a>), a state-owned bank in Spain and the European Investment Bank (<a href="https://www.eib.org/en/index" target="_blank" rel="noopener">EIB</a>) to finance the development of its 4.8 GW of renewable energy portfolio in the country.
A part of the financing operation totaling €300 million (~$327.4 million) from ICO will support the ongoing construction of at least 20 solar projects with a capacity of 2.35 GW and eight wind farms with a capacity of 550 MW— started by Endesa in 2021.
A loan tranche of €200 million (~$218.3 million) provided by EIB will complete the framework loan approved by the bank to bolster Endesa’s clean energy expansion plan, totaling €700 million (~$764.1 million) in financing.
Endesa will utilize the framework loan to co-finance commercial-scale solar and wind projects across Spain and the transmission infrastructure required for interconnection to the power grid. The projects involve a series of renewable assets within a portfolio comprising 16 commercial-scale solar projects with 1.5 GW capacity and eight onshore wind energy projects with 400 MW capacity.
The two financing operations are expected to help Endesa meet its Scope 1 direct greenhouse gas emissions reduction target, the achievement of which will also be certified by an independent third party— The Spanish Association for Standardization and Certification (<a href="https://www.aenor.com/">AENOR</a>).
Endesa CEO José Bogas said, “This sustainability-linked loan will help us adhere to the Law on Climate Change and Energy Transition, as well as Spain’s National Integrated Energy and Climate Plan (PNIEC 2021-2030). It will also be in line with the European Union’s Fit for 55 legislative package, which will make Europe the first carbon-neutral continent by 2050.”
Endesa has a long-term relationship with the EIB and the ICO for sustainability-linked financing operations. The joint financing to Endesa is also expected to accelerate the energy transition while contributing to REPowerEU, the European Union’s plan designed to strengthen Europe’s energy autonomy.
EIB Director of Operations in Spain and Portugal Gilles Badot commented, “Many of the Endesa solar and wind energy projects we are financing are also located in cohesion regions, meaning we are promoting equitable growth and convergence between the EU regions, which is one of the key aims of the EIB’s cross-cutting policy objectives.”
ICO promotes the financing of renewable energy projects that boost the green transition. In the last two years, the Spanish bank has approved over €2 billion (~$2.17 billion) in financing for renewable energy projects promoted by Spanish companies, such as solar plants, wind farms -both onshore and offshore-, hydrogen and biomass infrastructures, and energy efficiency and energy saving projects.
ICO Chairman José Carlos García de Quevedo said: “The projects Endesa will develop using the financing signed today will move us forward on the path to decarbonization, generating positive environmental and social impact.”
Last November, Saint-Gobain <a href="https://www.mercomindia.com/daily-news-wrap-up-google-engie-offshore-wind-farm" target="_blank" rel="noopener">inked</a> an 11-year power purchase agreement with Endesa to supply 150 GWh of renewable energy annually.
Recently, Spain-based Iberdrola and EIB <a href="https://www.mercomindia.com/iberdrola-1-billion-eib-build-22-renewable-projects" target="_blank" rel="noopener">signed</a> a loan agreement worth €1 billion (~$1.07 billion) to support the energy transition in Europe by constructing 22 clean energy projects with an installed capacity of 2.2 GW.

endesa

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