The renewable energy company Masdar, based in Abu Dhabi, hosted a business forum in Madrid, Spain, aimed at fostering strategic partnerships and outlining the next phase of its expansion in the Iberian Peninsula, which includes Spain and Portugal.
The event was chaired by Dr. Sultan Ahmed Al Jaber, Minister of Industry and Advanced Technology and Chairman of Masdar, and attended by distinguished representatives from government entities in Spain and Portugal, regulatory bodies, utility companies, investors, key buyers, and technology firms. Discussions emphasized the urgent need to accelerate efforts to transform the energy sector in the Iberian Peninsula and to bolster Spain’s role as a strategic hub in Masdar’s European project portfolio.
Last year, Masdar’s acquisition of Saite for 5.1 billion dirhams was a critical component of the company’s strategy to penetrate the European market. Saite is a key player in the renewable energy sector in Spain and Portugal, significantly contributing to the region’s carbon emission reduction goals. During his visit to Saite’s headquarters in Madrid, Dr. Al Jaber met with the management team and staff, congratulating them on joining Masdar’s group of subsidiaries and discussing ambitious future plans.
Masdar continues to diversify its investments in Europe through several notable projects. In addition to the Saite acquisition, Masdar has also taken over Terna Energy in Greece for 12.62 billion dirhams (3.2 billion euros) and established a strategic partnership with the Spanish company Endesa, valued at 6.80 billion dirhams (1.7 billion euros). This partnership includes Masdar acquiring a 49.99% stake in renewable energy projects boasting a capacity of 2.5 gigawatts, marking one of the largest renewable energy deals in Spain in recent years.