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• Masdar signs collaboration agreement with Emirates Utilities Development Company (EUDC), Etihad Water & Electricity’s development arm, and Uzbekistan’s Ministry of Energy to explore project with baseload capacity of up to 1GW

• Project would support Uzbekistan’s clean energy ambitions and add to Masdar’s portfolio of 2GW renewable energy projects in the country, with investments exceeding US$2 billion

• Announcement follows Masdar’s launch last year of world’s first gigascale solar and battery storage project in UAE

Abu Dhabi Future Energy Company PJSC – Masdar, a global clean energy leader, has signed a collaboration agreement with Emirates Utilities Development Company (EUDC) and the Republic of Uzbekistan’s Ministry of Energy relating to the development of a gigascale round-the-clock clean energy project in the Central Asian nation. The collaboration brings together Masdar’s clean energy leadership with EUDC’s utility-scale development platform, supporting Uzbekistan’s clean energy ambitions through strong cross-border partnerships.

Documents relating to the agreement were exchanged at a ceremony during Abu Dhabi Sustainability Week (ADSW) 2026, witnessed by HE Suhail Mohamed Al Mazrouei, Minister of Energy and Infrastructure, United Arab Emirates, HE Jamshid Khodjaev, Deputy Prime Minister, Republic of Uzbekistan, HE Jurabek Mirzamahmudov, Minister of Energy, Republic of Uzbekistan, and Mohamed Jameel Al Ramahi, Chief Executive Officer of Masdar. Jahongir Obidjonov, Chairman of JSC Uzenergosotish, Abdulaziz Alobaidli, then Chief Operating Officer of Masdar, and Eng. Yousif Ahmed Al Ali, Chief Executive Officer of Etihad Water & Electricity (EtihadWE), parent company of EUDC, and Chairman of EUDC, conducted the exchange.

The proposed project will deliver up to 1 gigawatt (GW) of baseload power, with JSC Uzenergosotish, Uzbekistan’s state-owned joint-stock company, acting as offtaker. Today’s announcement comes one year after Masdar launched the world’s first gigascale solar and battery storage project at ADSW 2025.

HE Suhail Mohamed Al Mazrouei, Minister of Energy and Infrastructure, United Arab Emirates, said:

Mohamed Jameel Al Ramahi, Chief Executive Officer of Masdar, said:

Eng. Yousif Ahmed Al Ali, CEO of EtihadWE and Chairman of EUDC, said:

The project will add to Masdar’s portfolio of renewable energy projects in Uzbekistan of around 2GW of clean energy capacity, with investments exceeding US$2 billion. Most recently in November 2025, Masdar signed a Battery Storage Services Agreement with JSC Uzenergosotish to develop the nation’s largest standalone battery energy storage system (BESS) project, with a capacity of 300MW / 600MWh in the Navoi Region of Uzbekistan.

Masdar has already committed to building a gigascale solar and battery project in the UAE. Masdar and Emirates Water and Electricity Company (EWEC) are developing a 5.2GW solar photovoltaic (PV) plant integrated with a 19 gigawatt-hour (GWh) battery energy storage system (BESS), the largest and most technologically advanced system of its kind in the world, in Abu Dhabi.

Masdar also signed a collaboration agreement with Samruk-Kazyna, Kazakhstan’s sovereign wealth fund, in May 2025 to explore the development of a ‘24/7’ renewable energy project that will provide up to 500 megawatts (MW) of baseload power.

These round-the-clock projects are a game-changer for renewable energy, overcoming intermittency to produce gigascale baseload power at globally competitive tariffs, and providing a blueprint that can be replicated internationally to meet the growing demand for reliable, clean power.

The CIS region is a strategic market for Masdar as it targets a global portfolio capacity of 100GW by 2030. Beyond its footprint in Uzbekistan, the company has an active presence across Azerbaijan, Kazakhstan, and elsewhere.

• Masdar and EPCG, Montenegro’s national power utility, agree to explore a joint venture to deliver clean energy projects

• Partnership to advance large-scale renewable energy projects across multiple technologies in Montenegro

• Collaboration builds on Masdar’s existing presence in Montenegro, and regional expansion across Southeast Europe

Abu Dhabi Future Energy Company PJSC – Masdar, a global clean energy leader, and Elektroprivreda Crne Gore (EPCG), Montenegro’s national power utility, have agreed to explore a joint venture to develop large-scale renewable energy projects in Montenegro.

The signing took place at Abu Dhabi Sustainability Week 2026, in the presence of Dr Sultan Al Jaber, UAE Minister of Industry and Advanced Technology, and Chairman of Masdar; Prime Minister of Montenegro, H.E. Milojko Spajić; and H.E. Admir Šahmanović, Minister of Energy and Mining for Montenegro as well as senior representatives from both organizations.

Under the terms of the agreement, Masdar and EPCG will explore a joint venture to develop, construct, own and operate clean energy projects across a range of technologies, including solar photovoltaic (PV), wind, hydropower, stand-alone battery energy storage systems and hybrid solutions.

The collaboration aims to support Montenegro’s domestic energy needs while enabling the export of renewable electricity to the Balkans and Southeast Europe. This includes leveraging Montenegro’s existing sub-sea interconnection with Italy, as well as its potential expansion.

The partnership aims to combine EPCG's position as Montenegro's leading energy producer and Masdar's global expertise in renewable energy project development. Through this collaboration, Masdar and EPCG aim to accelerate Montenegro’s energy security and contribute to the energy transformation of the broader European energy market.

Mohamed Jameel Al Ramahi, Chief Executive Officer of Masdar, said:

His Excellency Admir Šahmanović, Minister of Energy & Mining, said:

Milutin Đukanović, President of the Board of Directors of Elektroprivreda Crne Gore, said:

Zdravko Dragaš, Chief Executive Officer of EPCG, said:

This agreement follows the signing of the UAE-Montenegro Energy Cooperation Agreement between the UAE and Montenegro in early November 2025.

Building on the broader strategic partnership between the UAE and Montenegro, Masdar’s collaboration with EPCG leverages on its existing presence in Montenegro through its 2018 investment in the 72-megawatt Krnovo Wind Farm, which remains the country’s largest operating wind project to date. The partnership also complements Masdar’s broader expansion and investment in Southeast Europe and Central Europe through its Greek platform, TERNA ENERGY, acquired last year.

His Highness Sheikh Theyab bin Mohamed bin Zayed Al Nahyan, Deputy Chairman of the Presidential Court for Development and Fallen Heroes’ Affairs, has witnessed the groundbreaking of the world’s largest renewable energy project integrating solar power and battery storage, capable of delivering 1 gigawatt (GW) of baseload renewable energy around the clock at a globally competitive tariff.

This world-first project, developed by Abu Dhabi Future Energy Company PJSC – Masdar and Emirates Water and Electricity Company (EWEC), integrates a 5.2GW solar photovoltaic (PV) plant with a 19 gigawatt-hour (GWh) battery energy storage system (BESS), the largest and most technologically advanced system of its kind in the world.

The project reimagines the potential of renewable energy by overcoming intermittency. Once operational, the project will produce gigascale baseload energy at a globally competitive tariff for the first time, setting a new international benchmark and reaffirming the UAE leadership’s position in renewable energy development. The project will act as a blueprint that can be replicated internationally to meet the growing demand for clean, secure, round-the-clock power.

With its development representing a capital investment of more than AED22 billion, the project will create more than 10,000 jobs, as well as new manufacturing facilities, while avoiding approximately 5.7 million tonnes of carbon emissions annually when the facility becomes operational by 2027.

The project design features cutting-edge technologies, including virtual power plant, grid-forming and black start capabilities, and AI-enhanced forecasting and intelligent dispatch.

His Excellency Dr Sultan Al Jaber, Minister of Industry and Advanced Technology and Chairman of Masdar, said: “Today, Masdar and EWEC are breaking ground on the future, here in Abu Dhabi. With the unwavering support of His Highness Sheikh Mohamed bin Zayed Al Nahyan, President of the UAE, and His Highness Sheikh Khaled bin Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Chairman of the Abu Dhabi Executive Council, and in the presence of His Highness Sheikh Theyab bin Mohamed bin Zayed Al Nahyan, this gigascale project is a step towards redefining the role of renewable energy for the information age. This breakthrough is the culmination of Masdar’s two decades of excellence in renewables and is testament to the power of collaboration in Abu Dhabi’s energy ecosystem. As the world looks for secure, sustainable and affordable energy, the UAE is proud to offer a new vision for technologically enabled growth.”

Mohamed Jameel Al Ramahi, Chief Executive Officer of Masdar, said: “Today’s groundbreaking is a proud occasion for Masdar and the UAE, and represents a pivotal moment in clean energy transformation. This world-first project, the largest and most ambitious in Masdar’s history, is a blueprint for the world, demonstrating that renewable energy can be dispatched around the clock. By overcoming the challenge of intermittency, we can provide sustainable power to meet fast-growing demand from advancements in artificial intelligence and other technologies. We look forward to working closely with EWEC and our partners to deliver this landmark project, which will set the global standard for renewable energy development and support other nations in delivering on their clean energy objectives.”

Ahmed Ali Alshamsi, Chief Executive Officer at Emirates Water and Electricity Company, said: “This landmark project is a testament to the vision of His Highness Sheikh Mohamed bin Zayed Al Nahyan, President of the UAE, and the unwavering commitment of EWEC and our partners in commissioning and developing transformative innovations that support national objectives. Abu Dhabi and the UAE are a global hub for artificial intelligence research, innovation, and adoption, and this project will ensure that the energy needs of this key sector are met sustainably, powering the next generation of economic growth. We are proud to have strategically collaborated with Masdar on this iconic project, and to break ground on a new era of energy in the UAE.”

Masdar has established a strong presence in battery storage, including the world’s first storage system connected to a floating offshore wind farm, and has projects in operation and development in several countries. Masdar is targeting an overall project portfolio capacity across clean energy technologies of 100GW by 2030.

• Masdar leadership delegation, led by Chairman Dr. Sultan Al Jaber, visit headquarters of Greece’s renewable energy leader as it completes delisting from Athens Stock Exchange

• Acquisition demonstrates Masdar's commitment to accelerating renewable energy growth in Greece and Eastern Europe

• TERNA ENERGY to play key role in enhancing Masdar’s portfolio in Europe, targeting an operational portfolio capacity of 6GW by 2030

Abu Dhabi Future Energy Company PJSC – Masdar, the UAE’s clean energy leader, announced today its subsidiary TERNA ENERGY has completed its delisting from the Athens Stock Exchange, following Masdar’s acquisition of 100 percent of the company’s stock last month.

A delegation led by His Excellency Dr. Sultan Al Jaber, UAE Minister of Industry and Advanced Technology and Masdar Chairman, together with Chief Executive Officer Mohamed Jameel Al Ramahi, toured TERNA ENERGY’s Athens headquarters and met employees from across the organization.

They held strategic discussions with TERNA ENERGY Executive Chairman Georgios Peristeris, the first since the acquisition, centered on Masdar’s strategy to expand the business and accelerate renewable energy growth in Southeastern and Central Europe.

H.E. Dr Sultan Al Jaber, UAE Minister of Industry and Advanced Technology and Masdar Chairman, said:

Through the acquisition, Masdar will simultaneously support Greece’s National Energy and Climate Plan, the EU’s ambition to reach net zero emissions by 2050, and advance its own global target of achieving 100 gigawatts (GW) of clean energy capacity by 2030. TERNA ENERGY is targeting an operational portfolio capacity of 6GW by 2030 and will be supported by Masdar’s long-term capital and global expertise.

Mohamed Jameel Al Ramahi, Masdar CEO, said:

Georgios Peristeris, Chairman and CEO of GEK TERNA and Executive Chairman of TERNA ENERGY, said:

The delisting from ATHEX follows a productive first quarter for TERNA ENERGY, which has seen the continuation of construction on key projects in Greece and Bulgaria, including the Amphilochia plant, one of largest pumped storage hydropower projects in Europe, and Masdar’s first pumped hydro project in the region.

The business has also reached final investment decisions on new solar, wind and battery projects with combined capacity of 250MW. These plants are due to be operational within the next two years.

Masdar acquired 70 percent of TERNA ENERGY from GEK TERNA SA and other shareholders in November last year, in a deal that gave the company an enterprise value of 3.2 billion euros – the biggest energy transaction on the Athens Stock Exchange at the time, and one of the largest in the EU renewables industry. An all-cash mandatory tender offer (MTO) and squeeze-out process for the remaining 30 percent of the company, at a price of 20 euros per share, was completed last month.

• Conclusion of mandatory tender offer gives Masdar 100 percent ownership of Greek clean energy champion, having acquired 70 percent last year

• TERNA ENERGY shares will be delisted from the Athens Stock Exchange, following approval from the Hellenic Capital Market Commission

• Providing significant capital investment in Greece and other EU countries, the acquisition demonstrates Masdar's commitment to accelerating renewable energy growth in Southeastern and Central Europe, unlocking renewable energy capacity and supporting the EU's net zero by 2050 goals

• TERNA ENERGY to play an important role in enhancing Masdar’s portfolio across Europe as it targets 100GW global clean energy capacity by 2030

Abu Dhabi Future Energy Company PJSC – Masdar, the UAE’s clean energy leader and one of the world’s fastest-growing renewable energy companies, announced today that it holds 100 percent of Greece’s TERNA ENERGY SA, following the successful completion of an all-cash mandatory tender offer (MTO) and squeeze-out process for the remaining 30 percent shares of the company at a price of 20 euros per share.

Masdar acquired 70 percent of TERNA ENERGY from GEK TERNA SA and other shareholders in November last year, in a deal that gave the company an enterprise value of 3.2 billion euros – the biggest energy transaction on the Athens Stock Exchange at the time, and one of the largest in the EU renewables industry.

TERNA ENERGY has been a key player in the renewable energy sector in Southeastern and Central Europe for over two and a half decades, holding the largest and most diversified portfolio in Greece, as well as projects in Bulgaria and Poland and has a solid pipeline of growth opportunities. Greece’s renewable energy leader owns and operates clean energy projects across wind, solar, biomass and hydro technologies – and is building one of the largest pumped hydro projects in Europe, the 680MW Amfilochia project. Of the company’s total installed capacity of 1,224 MW in Greece and abroad, 102 MW are located in Poland and 30 MW in Bulgaria. TERNA ENERGY continues the development of its portfolio with 197 MW of photovoltaic (PV) projects currently under construction in Greece and Bulgaria.

Following the successful completion of the MTO and squeeze-out, Masdar will initiate the process for the company’s delisting from the Athens Stock Exchange, subject to regulatory approval from the Hellenic Capital Market Commission.

The transaction is expected to provide significant capital investment in Greece and wider Europe, supporting the company’s contribution to Greece’s National Energy and Climate Plan (NECP) and the EU’s net zero by 2050 target. The successful acquisition demonstrates the scale and ambition of Masdar’s growth plans in the region, and further solidifies Masdar’s role as a trusted global energy transition partner to governments, investors, developers and communities across the globe.

The company’s Executive Chairman, Georgios Peristeris, and other members of the senior management team are continuing in their current leadership roles, supporting Masdar and TERNA ENERGY in their next phase of growth.

Mohamed Jameel Al Ramahi, Chief Executive Officer of Masdar, said:

Georgios Peristeris, Chairman and CEO of GEK TERNA and Executive Chairman of TERNA ENERGY, said:

Masdar has retained Rothschild & Co. as sole financial advisor, and Simmons & Simmons and Bernitsas Law as legal advisors, in connection with the transaction.

• Masdar set to invest €184 million to acquire 49.99% of four Endesa solar assets in Spain with a capacity of 446 MW, subject to regulatory approvals and other conditions

• Agreement will build upon Masdar’s 2024 acquisition from Endesa in Spain of a 49.99% stake in 2GW portfolio of solar assets, with a potential BESS hybridization of up to 0.5GW

• Proposed agreement will further strengthen Masdar’s position in one of EU’s largest solar markets, supporting Spain’s NECP targets and the EU’s Net Zero 2050 goal

• As one of the world’s fastest-growing renewable energy companies, Masdar has a current capacity of more than 50 GW and is targeting 100GW by 2030

Madrid, Spain; Abu Dhabi, UAE, March 24, 2025 – Abu Dhabi Future Energy Company PJSC – Masdar, the UAE’s clean energy leader, announced today an agreement with Endesa S.A. to acquire a 49.99 percent stake in four solar plants in Spain, with a total capacity of 446 megawatts (MW). The transaction, which is subject to regulatory approvals and other conditions, would see Masdar invest €184 million for the stake in the assets, which have an enterprise value of €368 million.

These operating assets mark a significant milestone in Masdar’s continued growth in the Iberian Peninsula and across Europe, and further its commitment to advancing the region’s renewable energy ambitions. The proposed acquisition follows last year’s agreement between Masdar and Endesa to partner in a portfolio of over 2GW of solar assets, with the potential to add 0.5GW of battery storage, in one of Spain’s biggest renewable energy transactions in recent years.

Mohamed Jameel Al Ramahi, Chief Executive Officer of Masdar, said:

Flavio Cattaneo, Enel Group CEO, said.

Masdar’s continued partnership with Endesa is expected to play a significant role in helping Spain meet its National Energy and Climate Plan (NECP) targets. Last year, Masdar also acquired Saeta, an established renewables platform with an operating portfolio of 745MW of predominantly wind assets, and a 1.6GW development pipeline in Spain and Portugal. This latest transaction brings Masdar’s total operational capacity in the Iberian Peninsula to 3.2GW.

Masdar is committed to supporting the EU reach its 2050 net-zero targets. Last month, Masdar and global energy leader Enel Group, to which Endesa belongs, signed a Memorandum of Understanding (MoU) to explore potential renewable energy opportunities in countries including Italy, Spain, and Germany.

Advisors:
Masdar has retained BNPP as its transaction advisor, Linklaters as legal advisor, UL as technical advisor, PwC as its tax advisor.

Banks:
The acquisition will be partially funded via acquisition financing from BNPP, Santander, Intesa Sanpaolo, ADCB and FAB. Lenders were advised by Ashurst.

• New ground-mounted solar plant with an installed 3MWp renewable capacity

• Plant expected to avoid more than 3,850 tonnes of CO₂ annually, equivalent to more than 800 households’ electricity usage for a year

• Installation strengthens Emerge’s presence in the agricultural sector, supporting the country’s net-zero goals

The signing took place in presence of Dr. Ali Mohammed Al-Sheikhi Assistant Deputy Minister for the Livestock and Fisheries sector at the Ministry of Environment, Water, and Agriculture

Riyadh, Saudi Arabia – March 23, 2025: Tanmiah Food Company, one of the Middle East’s leading providers of fresh poultry, processed proteins, animal feed, health products, and a restaurant operator, is pleased to announce a new partnership with Emerge, a joint venture between Masdar and the EDF Group. The agreement was signed at the Ministry of Environment, Water, and Agriculture by Zulfiqar Hamadani, Group CEO of Tanmiah Food Company, and Michel Abi Saab, General Manager of Emerge.

As part of this collaboration, Emerge will develop a 3 megawatt-peak (MWp) solar power plant at Tanmiah’s facility in Haradh, reinforcing our commitment to sustainability and supporting the Kingdom’s clean energy objectives.

Under the agreement, Emerge will provide a full turnkey solution for Tanmiah, including finance, design, procurement, construction, operations, and maintenance of the installation for 25 years. The solar power plant will provide 35% of the electricity required to run the agriculture processing facility, avoiding more than 3,850 tonnes of CO₂ annually. This is equivalent to more than 800 households’ electricity usage for a year.

Zulfiqar Hamadani, Group CEO Tanmiah, commented:

Michel Abi Saab, Emerge General Manager, added:

Sustainability is embedded in Tanmiah’s operations, with the Company’s vision to become the number one global halal sustainable healthy protein company by 2030. This renewable energy partnership with Emerge will support the Company in making this vision a reality.

The solar power agreement with Tanmiah underpins Emerge’s ambitions to help the agricultural sector adopt clean energy sources at no upfront cost. This is the second project for Emerge supporting the decarbonization of agricultural operations in the GCC. 

Emerge was formed in 2021 to develop distributed solar, battery storage, off-grid solar and hybrid solutions for commercial and industrial clients. The company today supplies clean electricity to 38 commercial, industrial, educational and hospitality sites across the region.

Las Majadas wind project will supply clean power to co-located data center;
Agreement provides an innovative solution to capture under-utilized electricity from wind farm.

SAN DIEGO, United States and ABU DHABI, United Arab Emirates (March 4, 2025): EDF Renewables North America and Abu Dhabi Future Energy Company – Masdar, co-owners of the Las Majadas Wind Project, have entered into a power purchase agreement (PPA) with data center developer and operator Soluna Holdings, Inc. (Soluna), (NASDAQ: SLNH). 

Under the terms of the agreement, Soluna will purchase up to 166 megawatts (MW) of energy produced by the Las Majadas Wind Project to power a Soluna data center to be built close to the wind project’s substation. 

Soluna’s data center, named Project Kati, will utilize behind-the-meter power generated by the wind project, while also curtailing their operations under certain market conditions when energy is most needed by the grid. This innovative PPA structure provides a flexible solution to the challenges of transmission constraints and curtailment, essentially allowing an alternate route to capture under-utilized electricity. In parallel, it provides clean power to an energy intensive operation—advanced computing applications, including artificial intelligence (AI).

Electricity consumption from data centers is growing and expected to reach 1,000 TWh, with the AI boom driving increased global demand. Renewable energy is expected to play a key role in supplying data centers with electricity, while helping suppliers meet net-zero targets.

According to Gabe Messercola, Associate Director, Capital Improvements Portfolio Management at EDF Renewables,

Dustin Priemer, Director of Asset Management, Masdar Americas said,

Las Majadas Wind, located in Willacy County in southern Texas, has a total capacity of 273 MW and became operational in 2021. 

• In presence of UAE President His Highness Sheikh Mohamed bin Zayed Al Nahyan and H.E. Giorgia Meloni, Prime Minister of Italy, companies sign framework agreement

• Agreement aims to facilitate collaboration on progressing tripartite strategic partnership framework signed by Italy, Albania and UAE at Abu Dhabi Sustainability Week 2025

• Agreement signed today supports the progress of the tripartite initiative focused on the establishment of a long term off take agreement with Eni S.p.A. acting as a preferred potential off-taker

In the presence of His Highness Sheikh Mohamed bin Zayed Al Nahyan, President of the UAE, and Her Excellency Giorgia Meloni, Prime Minister of Italy, Abu Dhabi Future Energy Company PJSC – Masdar today signed an agreement with TAQA Transmission, part of TAQA Group, and Eni S.p.A., marking a significant step in progressing the tripartite strategic partnership framework between the UAE, Italy, and Albania.

The framework agreement, signed by Mohamed Jameel Al Ramahi, Chief Executive Officer of Masdar, TAQA Group CEO Jasim Husain Thabet, and Eni CEO Claudio Descalzi, aims to facilitate collaboration on progressing the tripartite initiative, focusing on the establishment of a collaborative framework for signing a long-term power off-take agreement in Italy for the renewable energy capacity to be produced in Albania and transmitted through the cross border interconnection between Albania and Italy. Masdar – the UAE’s flagship renewable energy company – and TAQA Transmission were nominated as designated entities from the UAE and Korporata Elektroenergjitike Shqiptare (KESH) – Albania Power Corporation and OPERATORI I SISTEMIT TE TRANSMETIMIT SHQIPTARE (OST) were nominated as designated entities from Albania on the tripartite initiative, while Eni was identified as the preferred potential off-taker.

The tripartite strategic partnership framework, signed at Abu Dhabi Sustainability Week 2025, is focused on multilateral cooperation between the UAE, Italy, and Albania on renewable energy and energy infrastructure. The initiative aims to enhance energy security, promote sustainable development and accelerate the Mediterranean region’s energy transformation.

HE Dr. Sultan Al Jaber, UAE Minister of Industry and Advanced Technology, and Chairman of Masdar, said:

Jasim Husain Thabet, Group CEO and Managing Director of TAQA, said:

Mohamed Jameel Al Ramahi, Chief Executive Officer of Masdar, added:

Claudio Descalzi, Chief Executive Officer of Eni, commented:

Masdar has significantly increased its renewable energy portfolio in the past two years, increasing overall capacity 150 percent to 51GW by the end of 2024, up from 20GW in 2022. This includes Masdar’s acquisition last year of a majority stake in TERNA ENERGY, the largest developer and investor in renewable energy projects in Greece, strengthening its position in Southwest Europe. Masdar is targeting a portfolio capacity of 100GW by 2030.

• Masdar has acquired Saeta Yield and partnered with Endesa S.A. in Spain

• UAE’s clean energy leader has acquired Saeta, an established renewables platform with an operating portfolio of 745MW of predominantly wind assets, and a 1.6GW development pipeline in Spain and Portugal, for an enterprise value of €1.2 billion

• Masdar is also partnering with Endesa in Spain in a portfolio of over 2GW of solar assets, and aims to add 0.5GW of battery storage, acquiring 49.99% for an enterprise value of €817 million for this stake

• Landmark deals expand Masdar’s portfolio in Iberian Peninsula and Europe, as company targets global capacity of 100GW by 2030

• Partnership with Endesa S.A. includes regulated renewable assets and long-term power purchase agreements under which Endesa S.A. through a subsidiary, will acquire 100 percent of the energy produced by the solar photovoltaic (PV) assets

Masdar, the UAE’s clean energy leader, has significantly expanded its portfolio in Europe, completing two landmark acquisitions in the Iberian Peninsula to advance its ambitious growth plans.

Masdar acquired Saeta Yield (“Saeta”) from Brookfield Renewable Partners (NYSE: BEP, BEPC; TSX: BEP.UN, BEPC), together with its institutional partners (“Brookfield”), for an enterprise value of €1.2 billion and an equity value of €696 million.

Additionally, Masdar and Endesa S.A. (“Endesa”) finalized a partnership agreement to advance renewable energy initiatives in Europe. Under this agreement, Masdar has acquired a 49.99 percent stake in EGPE Solar for an enterprise value of €817 million, and an equity value of €280 million. EPGE Solar is a subsidiary of Enel Group’s Endesa, which owns a 2 gigawatt (GW) portfolio of operational photovoltaic (PV) assets in Spain.

Mohamed Jameel Al Ramahi, Chief Executive Officer of Masdar, said:

The acquisition of Saeta, an established renewables platform equipped with end-to-end capabilities and strong growth opportunities, strengthens Masdar’s footprint in the Iberian Peninsula. Saeta consists of a portfolio of 745 megawatts (MW) of predominantly wind assets - 538MW of wind assets in Spain, 144MW of wind assets in Portugal and 63MW solar PV assets in Spain - and includes a 1.6GW development pipeline. The transaction excludes a regulated portfolio of 350MW of concentrated solar power assets, which Brookfield will retain and continue to operate.

The partnership with Endesa advances both Spain’s and the EU’s energy transition goals, serving as a strategic steppingstone for future collaboration. Under the terms of the agreement signed on July 25, 2024, Masdar’s investment secures a substantial interest in EGPE Solar, while Enel retains operational control of the company and its assets. The partnership includes long-term power purchase agreements (PPAs) under which Endesa, through a subsidiary, will acquire 100 percent of the energy produced by the photovoltaic assets. Endesa and Masdar aim to add 0.5GW of battery energy storage system (BESS) to the projects.

Masdar’s strategic investments in the Iberian market follow its recent acquisition of a majority share in TERNA ENERGY in Greece in November. Saeta, TERNA ENERGY and the partnership with Endesa will play an important role in enhancing Masdar’s portfolio across Europe as it targets 100GW global capacity by 2030 in support of the energy transition.

Transaction advisors:

Advisors for Endesa transaction:

Masdar has retained BNPP as its transaction advisor, Linklaters as legal advisor, UL as technical advisor, PwC as its tax advisor, and PexaPark as PPA advisor. The acquisition was partially funded via acquisition financing from BNPP, Santander, Intesa, ADCB, FAB and SMBC. Lenders were advised by Ashurst.

Advisors for Saeta transaction:

Masdar has retained Citigroup Global Markets Limited as its transaction advisor, Linklaters as legal advisor, UL as technical advisor and KPMG as its financial and tax advisor.