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MADRID - Endesa (BME:ELE) S.A., through its subsidiary Enel (BIT:ENEI) Green Power España, has agreed to sell a 49.99% stake in its solar photovoltaic business EGPE Solar 2 to Masdar, Abu Dhabi’s future energy company, for €184 million. EGPE Solar 2 owns four operational solar installations in Spain with a combined capacity of approximately 446 MW.
The deal assigns an enterprise value of €368 million to EGPE Solar 2 on a 100% basis, with the acquisition price subject to customary adjustments. This transaction follows a previous partnership formed in December 2024, where Endesa and Masdar collaborated on a 2 GW portfolio of Spanish solar assets.
As part of a long-term partnership, Endesa will enter into 15-year power purchase agreements to buy the energy produced by the solar plants. Despite the sale, Endesa will maintain control and continue to fully consolidate EGPE Solar 2, ensuring the transaction does not affect its financial results.
The completion of the sale, expected in the second quarter of 2025, hinges on conditions such as Spanish Authorities’ approval of foreign investments. This move aligns with Endesa’s 2025-2027 Strategic Plan, which aims to retain control of strategic assets while optimizing productivity and capital returns.
This information is based on a press release statement from Endesa, S.A.
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