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Endesa and Masdar Enter Into Agreement for 446 MW of PV Plants Operating in Spain

Endesa, through its subsidiary EGPE (Enel Green Power España), has signed an agreement with Masdar, the leading clean energy company in the United Arab Emirates, for sale to the latter of a minority holding equivalent to 49.99% in the equity capital of EGPE Solar 2, a wholly owned subsidiary that groups together four Endesa photovoltaic assets operating in Spain, with a total installed capacity of around 446 MW.
Endesa and Masdar Enter Into Agreement for 446 MW of PV Plants Operating in Spain
Flavio Cattaneo and Mohamed Jameel Al Ramahi

The transaction involves Masdar paying 184 million euros for 49.99% of the equity capital of EGPE Solar 2, an amount subject to the customary adjustments applied to this type of transactions. The enterprise value of 100% of EGPE Solar 2 is equal to 368 million euros.

This new agreement comes in the wake of that already entered into with Masdar in December 2024, which referred to a portfolio of 2 GW of other solar assets already operating in Spain at the date of the previous agreement.

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."

The operation is part of a long-term partnership with Masdar, which also includes power purchase agreements (PPAs) for a duration of 15 years, through which Endesa, via one of its subsidiaries, is expected to acquire the energy generated by the photovoltaic assets associated with the agreement.

This transaction allows Endesa to maintain control and, therefore, full consolidation of EGPE Solar 2, S.L.U., without any anticipated impact on Endesa's financial results.

The operation, which is expected to be closed during the second quarter of 2025, is contingent on compliance with a series of common conditions applicable to this type of transactions, including authorization from the Government of Spain regarding foreign investments.

"With this transaction, we are renewing the cooperation launched last year with a major player such as Masdar,"Flavio Cattaneo, Enel Group CEO, said, "The agreement signed today demonstrates our commitment to accelerate the energy transition also in partnership with large international industrial groups, in line with our Strategic Plan."

The sale falls within Endesa's 'partnership' model, included in its Strategic Plan for 2025-2027, which seeks partners in strategic assets that enable it to maximize value and return on invested capital while maintaining control over them.

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