Gulf emirate’s green energy company builds significant presence in European renewables sector
Abu Dhabi’s ambitious green energy group Masdar has outbid US asset manager Apollo to win a second major deal in Europe in as many months as the region’s cash-strapped utilities search for ways to fund their renewable projects. Masdar said on Thursday that it would pay €817mn for a 49.9 per cent share of 48 solar farms in Spain operated by Endesa, a subsidiary of the debt-laden Italian company Enel.
Enel’s new management team said in November that it would cut its spending on renewables by nearly a third and sell assets to cut its debt by €11.5bn by the end of this year. It has said it wants to partner with other investors on about €6bn of renewable projects, so that it can share the high capital costs of building out new plants. Enel’s progress in cutting debt was demonstrated on Thursday evening when its latest results suggested that its ratio of debt to Ebitda would be 2.
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