United Arab Emirates-based Masdar has signed an agreement to acquire a 49.99% stake in Endesa’s 2.5GW renewable energy portfolio in Spain, valued at €1.7bn ($1.8bn).

Masdar’s investment of €817m represents one of the largest renewable energy transactions in Spain.

The deal was supported by acquisition financing from a consortium of banks including BNPP, Santander and Intesa, with legal advice provided by Ashurst.

Masdar’s acquisition comprises 48 operational solar plants with a combined capacity of 2GW.

There are plans to integrate a 0.5GW battery energy storage system into the projects.

The move strengthens Masdar’s presence in Spain, a major EU solar market, and supports its goal of reaching 100GW global capacity by 2030.