Endesa completes the collaboration agreement with Masdar, signed last July, to manage a 2 GW operating solar PV portfolio in Spain

• In accordance with the collaboration agreement signed last July, Masdar has acquired a 49.99% minority stake in the share capital of EGPE Solar, the company that owns Endesa's operational photovoltaic assets in Spain, for approximately 850 million euros.
• The total value of 100% of EGPE Solar is around 1.7 billion euros.
• Endesa retains control of EGPE Solar and continues to manage its assets.

Endesa announces that Enel Green Power España S.L. (EGPE), a wholly-owned subsidiary of Endesa S.A., has completed the sale of a 49.99% minority stake in the share capital of EGPE Solar¹ to Masdar², a leading clean energy company from the United Arab Emirates. EGPE Solar is an entity that owns Endesa's operational photovoltaic (PV) assets in Spain, with a total installed capacity of around 2 GW.

Under the agreement signed on July 25, 2024, Masdar is paying approximately 850 million euros for the acquisition of this stake, an amount subject to customary adjustments following the transaction's closing. The total value of 100% of EGPE Solar is around 1.7 billion euros.

The transaction is part of a long-term partnership with Masdar, which also includes 15-year power purchase agreements (PPAs). Through these agreements, Endesa, via one of its subsidiaries, is expected to acquire 100% of the energy generated by the photovoltaic assets. Additionally, the potential future hybridization of the portfolio’s battery energy storage system (BESS) is considered, which could offer up to 0.5 GW of additional capacity.

The transaction has led to a reduction in Endesa’s consolidated net debt by approximately 850 million euros in 2024. However, it does not impact the company’s financial results, as it will retain control of EGPE Solar and continue with its full consolidation.

The sale was completed following the fulfillment of the preconditions set forth in the agreement signed on July 25, 2024, including authorization from the Spanish government for foreign investments.

The transaction aligns with Enel Group’s partnership strategy, aimed at increasing financial flexibility. As a result, it retains control of operational assets in key countries where the Group maintains an integrated presence and optimizes its risk-return profile.

¹ Enel Green Power España Solar 1, S.L.

² Abu Dhabi Future Energy Company PJSC – Masdar.

Enel is a multinational energy company and one of the leading integrated players in the global electricity and renewable energy markets.

Globally, it is the largest private renewable energy operator, the leading electricity distribution network operator by number of customers, and the largest retail operator by customer base. Furthermore, the Group is positioned as the largest European electricity company by ordinary EBITDA¹.

Enel operates in 28 countries and generates energy through its more than 89 GW of total installed capacity.

Through Enel Grids, its global business line dedicated to electricity distribution network management, it supplies electricity through an infrastructure spanning 1.9 million kilometers, serving over 69 million end users worldwide. Enel Green Power stands as Enel Group’s renewable energy division, boasting a total capacity of approximately 65 GW and a generation mix that includes wind, solar, geothermal, and hydroelectric power. It also incorporates energy storage facilities across Europe, the Americas, Africa, Asia, and Oceania. Enel X Global Retail is the business line dedicated to serving customers worldwide, offering tailored products and services to meet their energy needs while promoting a more responsible and sustainable use of energy. Globally, Enel supplies electricity and integrated energy services to over 55 million customers, provides flexibility services totaling 9 GW, and manages approximately 3 million light points. Additionally, it operates 28,400 public charging stations for electric mobility.

¹ Enel’s leadership in the different categories is determined by comparing its competitors’ data for fiscal year 2023, excluding fully state-owned operators.

Endesa is a leading electricity company in Spain and the second-largest in Portugal, as well as the second-largest gas operator in the Spanish market. It manages an integrated business encompassing electricity generation, distribution, and retail, while also offering electric mobility services, making it one of Spain’s top charging station operators. Additionally, it provides other value-added services aimed at electrifying energy use in households, businesses, industries, and public administrations. Endesa is firmly committed to the United Nations Sustainable Development Goals and Corporate Social Responsibility, while strongly supporting renewable energy development through Enel Green Power España and the digitalization of networks via e-distribución. Furthermore, the Endesa Foundation plays an active role in Corporate Social Responsibility initiatives. With a workforce of nearly 9,000 employees, Endesa is a subsidiary of Enel, the largest electric group in Europe.

Masdar (Abu Dhabi Future Energy Company) is one of the world’s fastest-growing renewable energy companies. As a clean energy pioneer, Masdar leads the development and implementation of solar, wind, geothermal, battery storage, and green hydrogen technologies. Its goal is to accelerate the energy transition and contribute to achieving global net-zero energy targets. Since its founding in 2006, Masdar has developed and invested in projects across more than 40 countries with a total capacity exceeding 31.5 GW, providing affordable clean energy to those who need it most and driving a more sustainable future.