Endesa has sold 49.99% of the share capital of Enel Green Power España Solar 1 (EGPE Solar) – its solar energy business in Spain, which has a total installed capacity of 2 gigawatts (GW) – to the renewable energy group Masdar of the Emirate of Abu Dhabi for 817 million euros, the company reported in a statement sent to the National Securities Market Commission (CNMV).
“The agreed price for Masdar’s purchase of 49.99% of the shareholding in EGPE Solar is 817 million euros, subject to the usual adjustments in this type of transaction. Accordingly, the ‘enterprise value’ of the entire share capital of EGPE Solar would be approximately 1.7 billion euros,” Endesa explained.
On the other hand, Enel Green Power Spain and Masdar have signed a non-binding agreement to “explore a potential alliance” linked to the joint development of renewable generation projects in Spain.
According to the company, Endesa maintains full control and consolidation of EGPE Solar, “with no impact expected on the financial results” of the parent company. The closing of the operation is expected to take place during the fourth quarter of 2024, subject to the conditions precedent relating to foreign investments in Spain.
The sale is part of Endesa’s “partnership” model, included in its Strategic Plan 2024-2026, which includes the search for partners in strategic assets that allow it to “maximize their value and the return on invested capital, while maintaining control over them.”
Source: www.eldiario.es
