(Reuters) – Abu Dhabi’s state-owned renewable power company Masdar said on Thursday it has bought Valle Solar, one of the largest photovoltaic solar projects in Spain’s Valencia region.
The project, expected to be operational by the first half of 2027, will feature a 234 megawatt solar plant with a potential 259 MW battery energy storage system, Masdar said in a statement.
The company did not disclose how much it paid for the project.
The acquisition was conducted through Masdar’s wholly owned subsidiary, Saeta, which it acquired from Canada’s Brookfield in a $1.4 billion deal in September.
Masdar is in the early stages of considering an initial public offering in Abu Dhabi to raise funding for renewable projects, three people with knowledge of the matter told Reuters earlier this week.
(Reporting by Marta Serafinko in Gdansk; Editing by Inti Landauro and Jan Harvey)
