The UAE’s state-owned renewable energy firm Masdar is ramping up its European investment strategy. The company is eyeing minority stakes and full ownership in the continent’s burgeoning green energy sector.

This aggressive stance comes hot on the heels of a $887 million deal secured last week for a 49.99% in 48 Spanish solar plants operated by Endesa. With a combined capacity of 2 gigawatts, these solar assets mark a significant foothold for Masdar in Europe.

According to Reuters, the company’s CFO, Mazin Khan, believes that Europe’s ambitious climate targets and a cooling of inflated asset prices present a golden investment opportunity.

With a global renewable portfolio valued at over $30 billion and a target of 100 gigawatts of capacity by 2030, Masdar is positioning Europe as a key growth engine. 

While the Endesa deal serves as a springboard, Khan told Reuters that Masdar is not merely accumulating gigawatts. The company is meticulously selecting acquisitions to propel future growth and expansion.

To underscore its commitment, Masdar and Endesa have inked a preliminary agreement to potentially develop an additional 3 gigawatts of solar power together. 

Masdar’s recent acquisition of a majority stake in Greek renewable energy firm Terna further solidifies its European ambitions.