United Arab Emirates’ renewable energy company Masdar agreed to invest about $887 million to acquire a 49.99% stake in 48 solar plants controlled by Spanish utility Endesa.
The transaction was announced July 26 as Masdar looks to grow its presence in Europe. The company said the deal is one of Spain’s largest renewable energy deals, with an enterprise value of about $1.8 billion.
The solar plants have an aggregate capacity of 2 gigawatts (GW). Endesa and Masdar intend to add 0.5 GW of battery energy storage systems to the projects, Masdar said in a news release.
“By forging a…
