Abu Dani has decided to launch an unprecedented offensive for Spanish renewables through Masdar after the failure of the purchase of Naturgy by its shareholder Taqa. The Emirati company is finalizing the closing of the first operation that it will carry out in Spain through its new Saeta platform.
Masdar has reached an agreement to retain the largest photovoltaic solar plant in the Valencian Community, which is being developed by Genia Global Energy.
The Genia Davinci project has administrative authorization for the Valle Solar photovoltaic installation, with 190 MW of installed power, the plant’s transformer substation, a 400 kV evacuation line, a collector substation and a connection line for the evacuation of electrical energy.
Along with this operation, the company is advancing its alliances in Spain and plans to take advantage of the renewables forum that will be held this week in Abu Dhabi to promote them like the first one it reached with Iberdrola in December 2023.
Iberdrola agreed to invest up to 15 billion euros with Masdar in several offshore wind and hydrogen projects, of which so far only the Baltic Eagle agreement has materialized.
The intention of both is to strengthen their collaboration for offshore wind and green hydrogen projects in Germany, the United Kingdom and the United States.
Among the candidates to receive investment from Masdar, Vineyard Wind sounds strong, where the CIP fund has an agreement to exit its participation with the Spanish company that could serve to open the door to this facility.
At the end of last December, Masdar completed the acquisition of Saeta Yield from Brookfield Renewable for €1.2 billion. The acquisition of Saeta has allowed it to strengthen its presence in the Iberian Peninsula as the company is now also looking for opportunities in Portugal.
Saeta has an operational portfolio of 745 megawatts (MW) of predominantly wind assets (538MW of wind assets in Spain, 144MW of wind assets in Portugal and 63MW of solar photovoltaic assets in Spain) and includes a development portfolio of 1.6 gigawatts (GW).
The closing of this operation allows, in turn, to integrate the agreement with Endesa to acquire a 49.9% share of all the operating photovoltaic assets of the electricity company in Spain. Specifically, this portfolio comprises 48 photovoltaic installations with a total installed capacity of around 2 GW, with a BESS hybridization potential of up to 0.5 GW. Both operations, which have already received approval from the regulator, represent the landing of the Emirati renewable giant in Spain.
Masdar is also negotiating the purchase of Acciona’s wind assets, as well as a waste recovery plant in Australia.
The renewable company has also grown strongly in Greece with the acquisition of Terna Energy from Gek Terna and other shareholders for a total of 3.2 billion euros, at a rate of 20 euros per share of the Greek company.
Masdar is preparing a new business strategy with a view to reaching 100 GW of renewable energy: 30-35% in the Middle East, 20% in Europe, 20% in the US and the rest in Asia.
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