Masdar, a clean energy company based in the UAE, has expanded its renewable energy portfolio in Europe. The company has finalized two acquisitions in the Iberian Peninsula, focusing on Spain and Portugal.
Masdar acquired Saeta Yield, a renewable energy platform, from Brookfield Renewable Partners and its institutional partners. The transaction involved an enterprise value of €1.2 billion and an equity value of €696 million. Saeta’s portfolio includes 745 megawatts (MW) of wind and solar energy projects. This consists of 538 MW of wind energy in Spain, 144 MW in Portugal, and 63 MW of solar photovoltaic (PV) energy in Spain. Additionally, Saeta has a development pipeline of 1.6 gigawatts (GW). The transaction excludes 350 MW of concentrated solar power assets, which Brookfield will continue to operate.
Masdar also entered into a partnership with Endesa, a subsidiary of the Enel Group, to invest in renewable energy projects in Spain. Masdar acquired a 49.99% stake in EGPE Solar for an enterprise value of €817 million and an equity value of €280 million. EGPE Solar operates 2 GW of photovoltaic assets in Spain. As part of this agreement, Endesa will manage the operations and purchase all energy generated by these assets through long-term power purchase agreements (PPAs). Additionally, the partnership plans to include 0.5 GW of battery energy storage systems in the projects.
These investments are part of Masdar’s broader goal of achieving 100 GW of global renewable energy capacity by 2030. The company has been active in expanding its presence across Europe. In November 2023, Masdar acquired a majority share in TERNA ENERGY, a renewable energy company in Greece.
Through these acquisitions and partnerships, Masdar has increased its footprint in the European renewable energy market. Its current projects across Europe aim to support regional energy transition goals and promote sustainable energy solutions.
