Masdar to Acquire Saeta from Brookfield for $1.4 Billion

Abu Dhabi Future Energy Company Masdar, the UAE’s clean energy powerhouse, on Tuesday announced the proposed acquisition of Saeta Yield from Brookfield Renewable together with its institutional partners (Brookfield), for an implied enterprise value of $1.4 billion.

The closing of the transaction is subject to customary approvals and is expected to occur around the end of 2024, Masdar said in a regulatory filing with Abu Dhabi Securities Exchange (ADX) this morning.

Saeta is a leading independent developer, owner and operator of renewable power assets with capabilities across the entire value-chain. The transaction consists of a portfolio of 745 MW of wind assets – 538 MW of wind assets in Spain, 144MW in Portugal and 63MW solar PV assets in Spain – and includes a 1.6 GW development pipeline.

The transaction excludes a regulated portfolio of 350 MW of concentrated solar power assets, which Brookfield will retain and continue to operate.

The deal is one of Spain’s largest renewable energy transactions and further cements Masdar’s position in the country, in one of Europe’s largest renewable markets. The deal also demonstrated Masdar’s commitment to accelerating the energy transition in Spain, Portugal and Europe, and advances its growth plans in the region as the company targets global capacity of 100 GW by 2030.

Dr Sultan Al Jaber, the UAE’s Minister of Industry and Advanced Technology and Masdar’s Chairman said that Masdar was committed to accelerating the delivery of clean energy capacity across the Iberian Peninsula and Europe.

Spain’s Largest Deal

Representing one of Spain’s largest renewable energy transactions, this deal with Brookfield Renewable builds on Masdar’s strong growth story, demonstrating our commitment to the EU’s wider net zero by 2050 target and unlocking new capacity, the UAE Minister said.

Mark Carney, Chair and Head of Transition Investing at Brookfield, said that as global leaders in clean energy development, Brookfield and Masdar will continue to be important players to accelerate the journey towards a net-zero economy.

Masdar CEO Mohamed Jameel Al Ramahi said that Saeta is a perfect complement to his company’s portfolio in Europe, following their recent partnership with Endesa for 2.5GW of solar energy.

He also said that this deal consolidated their footprint in the Iberian market by acquiring a well-established renewable platform, with a strong operational portfolio and management team, and tangible near-term and long-term growth opportunities.

Brookfield Renewable Partners CEO Connor Teskey said that Saeta has a strong development pipeline and a top-tier management team, and is well positioned to continue delivering incremental renewable energy to the region over the coming years under Masdar’s sponsorship.

Saeta CEO Álvaro Pérez de Lema said that after more than six years of successful and profitable growth with Brookfield, they were keen to open a new chapter in Saeta’s history with the arrival of Masdar.