Endesa and Masdar enter into a further agreement for 446 MW of photovoltaic plants in operation in Spain, strengthening their collaboration

• Under an agreement signed today, Masdar will acquire a share equivalent to 49.99% of the share capital of EGPE Solar 2, the company that groups together four Endesa photovoltaic plants, for a sum of 180 million euros.
• The enterprise value of 100% of EGPE Solar 2 amounts to 368 million euros.
• EGPE Solar 2's assets are managed under a Partnership business model and the company, over which Endesa has maintained control, will therefore be consolidated within the perimeter of the Enel Group.
• This new agreement comes in the wake of that already entered into with Masdar in December 2024, involving a portfolio of 2 GW of other solar assets already operating in Spain.

Endesa ¹, through its subsidiary EGPE ², has signed an agreement with Masdar ³, the leading clean energy company in the United Arab Emirates, for sale to the latter of a minority holding equivalent to 49.99% in the equity capital of EGPE Solar 2 ⁴, a wholly owned subsidiary that groups together four Endesa photovoltaic assets operating in Spain, with a total installed capacity of around 446 MW.

The transaction involves Masdar paying 184 million euros for 49.99% of the equity capital of EGPE Solar 2, an amount subject to the customary adjustments applied to this type of transactions. The enterprise value of 100% of EGPE Solar 2 is equal to 368 million euros.

This new agreement comes in the wake of that already entered into with Masdar in December 2024, which referred to a portfolio of 2 GW of other solar assets already operating in Spain at the date of the previous agreement.

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¹ Endesa S.A.
² Enel Green Power España S.L.U.
³ Abu Dhabi Future Energy Company PJSC – Masdar.
⁴ EGPE Solar 2, S.L.U.

The operation is part of a long-term partnership with Masdar, which also includes power purchase agreements (PPAs) for a duration of 15 years, through which Endesa, via one of its subsidiaries, is expected to acquire the energy generated by the photovoltaic assets associated with the agreement.

This transaction allows Endesa to maintain control and, therefore, full consolidation of EGPE Solar 2, S.L.U., without any anticipated impact on Endesa's financial results.

The operation, which is expected to be closed during the second quarter of 2025, is contingent on compliance with a series of common conditions applicable to this type of transactions, including authorisation from the Government of Spain regarding foreign investments.

The sale falls within Endesa's 'partnership' model, included in its Strategic Plan for 2025-2027, which seeks partners in strategic assets that enable it to maximise value and return on invested capital while maintaining control over them.

Enel is a multinational electricity company and an integrated leading player in global energy and renewables markets^[1].   Globally speaking, it is the largest renewable energy operator, the leading electricity distribution network operator in terms of customers served and the retail operator with the largest client base. Enel is present in 28 countries worldwide and products energy with a total capacity of more than 90 GW.   Enel Grids, the Group's global business line specialised in electricity distribution service management worldwide, supplies electricity via an approximately 1.9 million kilometre grid to almost 69 million end users. Enel Green Power, Enel's renewable energies branch, has a total capacity of around 66 GW, and a generation mix that includes wind, solar, geothermal and hydroelectric power, as well as energy storage facilities in Europe, America, Africa, Asia and Oceania.    Enel X Global Retail is the Group's business line devoted to customers around the world, with the aim of efficiently providing products and services based on their energy needs, encouraging them to use energy in a more conscious, sustainable way. It provides electricity and integrated energy services to more than 55 million customers worldwide, offering flexibility services amounting to 9 GW, managing almost 3 million electricity points. It also owns more than 29,600 public charging points for electric mobility.

¹ Enel's leadership in the various categories is defined by comparison with the financial data of its counterparts in the year 2024. Reference perimeter: publicly traded companies without majority state ownership.

Endesa is the leading electricity company in Spain and the second in Portugal. Additionally, it is the second largest gas operator in the Spanish market. Endesa operates an integrated business model spanning electricity generation, distribution, and supply. Furthermore, the company offers value-added services focused on the electrification of energy use for households, businesses, and public administrations. Endesa is committed to the United Nations’ SDGs and corporate social responsibility. In the latter area, it also operates through the Endesa Foundation. Our team comprises around 9,000 employees. Endesa is part of the Enel Group.

Masdar (Abu Dhabi Future Energy Company) is one of the world’s fastest-growing renewable energy companies. A pioneer in clean energies, Masdar spearheads the development and implementation of solar, wind, geothermal, battery storage and green hydrogen technologies. Its aim is to accelerate the energy transition and contribute to the achievement of global net-zero energy targets. Since it was founded in 2006, it has developed and invested in projects in over 40 countries with a total capacity of 51 GW, providing affordable access to clean energy for those who need it most and contributing to a more sustainable future. Masdar is jointly owned by TAQA, ADNOC, and Mubadala, and is aiming for a renewable energy portfolio capacity of 100 GW by 2030, while also aspiring to be a leading producer of green hydrogen by the same year.

For media inquiries related to Masdar, please contact: press@masdar.ae