Endesa has closed the sale of 49.99% of a large solar portfolio of 2,000 MW of capacity to the Emirati renewables fund Masdar for €817 million, the energy company informed the National Securities Market Commission (CNMV) on Thursday. The agreement will be accompanied by a 15-year power purchase agreement (PPA), which will be managed by a firm wholly controlled by the electricity company headed by José Bogas.
With the entry of the fund, Endesa’s parent company, Enel, will create Enel Green Power España Solar (EGPE), a new player that will own all of Endesa’s operating solar photovoltaic facilities in Spain. The closing of the transaction leaves the assets under management of EGPE at €1.7 billion.
“The transaction allows Endesa to maintain control and, therefore, the full consolidation of EGPE Solar, with no impact on Endesa’s financial results,” the electricity company said.
Santander, together with Intesa San Paolo, acted as advisors to Endesa in the transaction, while BNP acted as advisor to Masdar.
