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Masdar Outbids Apollo for Major Spanish Solar Farm Deal
Abu Dhabi’s green energy powerhouse, Masdar, has outpaced US asset manager Apollo to secure a major solar farm deal. This marks Masdar’s second major acquisition in Europe within two months as regional utilities seek innovative funding solutions amid financial constraints.
Masdar announced on Thursday its agreement to pay €817 million for a 49.9% stake in 48 solar farms in Spain, operated by Endesa, a subsidiary of the heavily indebted Italian energy giant Enel. Additionally, Masdar and Enel are discussing an extensive partnership to develop over 5 gigawatts of solar capacity in Spain and possibly expand their collaboration to Enel’s projects in Brazil and the US, according to insiders.
“Masdar has a robust strategy for industrial growth in Europe, and Spain is an ideal location for expanding a renewable portfolio,” said Francesco Gazzoletti, managing partner of energy consultancy FortyEight Brussels.
This acquisition highlights a growing trend where financially robust investors from the Gulf and the US are acquiring substantial portions of Europe’s renewable energy sector. European utilities are increasingly selling assets and seeking partners to manage capital-intensive renewable projects, especially in a high-interest-rate environment.
Enel, partly owned by the Italian state, is a global leader in green energy, boasting a potential project pipeline of 160GW. It currently oversees more than 60GW of renewable generation across Europe, North America, and Latin America. However, Enel’s €69 billion debt has been a point of contention with Italy’s government, leading to the replacement of former CEO Francesco Starace last year despite investor pushback.
In a bid to reduce its debt by €11.5 billion by the end of this year, Enel’s new management has cut its renewables spending by nearly a third and is looking to partner with other investors on€6 billion worth of projects. This approach aims to share the high capital costs associated with new renewable energy plants.
Enel’s debt reduction efforts were underscored on Thursday when its latest financial results suggested a debt-to-Ebitda ratio of 2.6 times by year-end, according to Goldman Sachs analysts, positioning Enel among the least indebted companies in the European renewables sector.