Endesa announces that Enel Green Power España SL (EGPE), a company wholly owned by Endesa SA, has completed the sale of a minority stake equal to 49.99% of the share capital of EGPE Solar1 to Masdar2the UAE’s clean energy leader. EGPE Solar is an entity that owns Endesa’s operational photovoltaic (PV) assets in Spainwith a total installed capacity of approximately 2 GW.
Under the agreement signed on July 25, 2024, Masdar will pay compensation of approximately EUR 850 million for the acquisition of said participationamount subject to the usual post-closing adjustments for these types of transactions. The value of 100% of EGPE Solar is approximately €1.7 billion.
The operation is part of a long-term partnership with Masdar, which also provides for power purchase agreements (PPA) with a term of fifteen years. Through these agreements, it is expected that Endesa, through one of its subsidiaries, will acquire the company 100% of the energy generated by photovoltaic assets. In addition, a possible future hybridization of the battery energy storage system (BESS) of the plant portfolio is being considered, which would provide up to 0.5 GW of additional capacity.
The operation led to a reduction of Endesa’s consolidated net debt by approximately 850 million euros in 2024. On the other hand, this will not affect the company’s economic results, as it will retain control of EGPE Solar and continue its extensive consolidation.
The sale was completed after meeting the preconditions set out in the agreement signed on July 25, 2024, including the Spanish government’s authorization for foreign investment. The operation complies with the Enel Group strategy regarding alliancesaimed at increasing financial flexibility. It therefore maintains control over assets in the key countries where the Group maintains an integrated presence and optimizes its risk-return profile.
1 Enel Green Power España Solar 1, SL
2 Abu Dhabi Future energy company PJSC – Masdar.