Abu Dhabi Future Energy Company PJSC, better known as Masdar, has announced plans to acquire Saeta Yield from Brookfield Renewable and its institutional partners in a deal valued at around $1.4 billion (€1.2 billion). The acquisition, which is expected to be finalized by the end of 2024, is currently awaiting regulatory approvals.
Saeta Yield is a prominent player in the renewable energy sector, primarily operating in Spain and Portugal. The deal includes a portfolio of 745 megawatts (MW) of renewable energy assets, comprising 538 MW of wind power in Spain, 144 MW of wind power in Portugal, and 63 MW of solar photovoltaic assets in Spain. Additionally, the acquisition involves a 1.6-gigawatt (GW) development pipeline, though Brookfield will retain 350 MW of concentrated solar power assets.
Brookfield, which acquired Saeta in 2018, has spent the last several years streamlining the company’s operations by divesting non-essential assets and positioning the business for sustainable growth. The sale aligns with Brookfield’s strategy of recycling capital to fuel new development opportunities in the renewable energy sector.
This acquisition represents one of the largest renewable energy transactions in Spain and underscores Masdar’s expanding presence in the Iberian market. It also aligns with Masdar’s broader strategy to grow its global renewable energy portfolio to 100 GW by 2030, in support of the UAE’s ambitious clean energy targets.
Dr. Sultan Al Jaber, UAE Minister of Industry and Advanced Technology, Chairman of Masdar, and COP28 President, praised the transaction: “This landmark transaction with Brookfield Renewable accelerates our commitment to clean energy across the Iberian Peninsula and Europe, supporting the EU’s net-zero goals by 2050.”
Brookfield’s Mark Carney, Chair and Head of Transition Investing, welcomed the partnership with Masdar: “This transaction with Masdar will further accelerate the global shift towards a net-zero economy.”
Masdar CEO Mohamed Jameel Al Ramahi highlighted the acquisition’s strategic value: “Saeta’s portfolio complements our European expansion, consolidating our presence in the Iberian market and supporting our target of 100GW by 2030.”
Connor Teskey, CEO of Brookfield Renewable, reflected on Saeta’s progress under Brookfield’s ownership and expressed confidence in the company’s future success under Masdar’s leadership. Saeta’s CEO Álvaro Pérez de Lema also voiced enthusiasm for the new partnership, stating that the company is excited to embark on its next phase of growth with Masdar.
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