source" Its partnerships expanded with "Indesa" Through a renewed energy deal of 1.4 billion dirhams in Spain
Madrid, March 24/ WAM/ Abu Dhabi Future Energy Company “Masdar” announced today the signing of an agreement with “Indesa” to acquire a 49.99% stake in four solar energy stations in Spain with a total capacity of 446 MW.
Under this deal, Masdar invests 702 million dirhams (184 million euros) compared to a share in the total value of 1.4 billion dirhams (368 million euros), after completing the conditions and obtaining organizational approvals.
This deal constitutes an important step that contributes to expanding the activities of “Masdar” in the Iberian Peninsula region and the general continent of Europe, and also enhances its commitment to support the region’s ambitions in the field of renewable energy.
This agreement comes in the wake of the successful deal concluded by the Masdar Company with “Indesa” in Spain last year, which witnessed a partnership between the two parties in a project portfolio of solar energy assets under operation with a total capacity of 2 GWh, with the possibility of adding a 0.5 -GB of energy storage batteries to projects.
The deal is one of the largest renewable energy deals in Spain in recent years.
On this occasion, Mohamed Jamil Al -Ramahi, CEO of Masdar, said: “This deal reflects the commitment of“ Masdar ”to contribute to supporting Europe’s goals in the field of carbon removal and enhancing efforts to make a qualitative shift in the energy sector. It also represents another important step towards expanding the activities of“ Masdar ”in the Iberian Peninsula and Europe, and developing its project portfolio on the continent.”
Al -Ramahi stressed that strengthening the partnership with “Indesa” contributes to supporting the efforts of “source” to explore new opportunities in the field of renewable energy, whether at the level of the continent of Europe or the world, and also contributes to advancing sustainable growth and achieving prosperity.
For his part, Flavio Catanio, CEO of ENIL Group, said: “This deal represents a new step that strengthens the cooperation that was launched last year with Masdar, which is one of the most important companies in the renewable energy sector. In line with our strategic plan, this agreement confirms our commitment to accelerate the process of transforming energy in partnership with major international institutions.”
It is expected that the “Source” partnership with “Indesa” will play an important role in supporting Spain to achieve its national energy and climate plans.
Source last year also completed its acquisition of the company “Sita”, which owns a variety of projects, most of which are in the field of wind energy, with a total capacity of 745 MW, and also includes plans to develop other projects with a capacity of 1.6 GW in Spain and Portugal.
This deal raises the total capacity of the “Masdar” company under operation on the Iberian Peninsula to 3.2 GW.
“Masdar” is committed to contributing to supporting the goals of the European Union to reach climate neutrality by 2050, as “Masdar” and the world’s leading energy group, which is affiliated with Indesa, in February, signed a memorandum of understanding to explore possible opportunities to develop renewable energy projects in several countries, including Italy, Spain and Germany.
Regarding the acquisition, it appointed the source of “BNBB” as a transaction consultant, the “Linkelitters” as a legal advisor, the “UL” company as a technical consultant, and the “Price Waterhouse Copers” company as a tax consultant. The acquisition will be partially funded through the acquisition financing department from BNBB Bank, the Bank of Santander, the “Intisa San Paolo” Bank, Abu Dhabi Commercial Bank, and Abu Dhabi First Bank. Advice was provided to lenders by “Asserset”.
- For more: Follow Khaleejion 24 Arabic, Khaleejion 24 English, Khaleejion 24 Live, and for social media follow us on Facebook and Twitter
