Masdar chases European green energy projects after Endesa deal
High interest rates and rising debt costs are pushing European utilities to sell stakes in wind farms and solar plants
Endesa's headquarters in Madrid, Spain. (Photo: Getty Images)
UAE renewables company Masdar says it will continue to chase green energy projects in Europe, where high interest rates and rising debt costs are pushing utilities to sell stakes in wind farms and solar plants.
Masdar, which is owned by Mubadala, ADNOC and Abu Dhabi National Energy Co., has a goal of reaching 100 gigawatts of capacity in its portfolio by 2030 and has been quick to pounce on European projects that will help it rapidly scale up.
Last week it reached an $885 million agreement with Madrid-based Endesa to buy a 49.9% share of 48 solar farms with 2 gigawatts of capacity.
And in June it agreed to buy a majority stake in Greece’s biggest renewables company Terna Energy, in a deal that valued the company at $3.4 billion.
Masdar CFO Mazin Khan told Reuters that “normalization” of asset prices had created big opportunities in Europe and the Endesa deal was just a first step in its investment plans.