The UAE’s leading clean energy company, Masdar, announced that it plans to buy Saeta Yield from Brookfield Renewable and its partners for an enterprise value of about $1.4 billion (€1.2 billion).
Saeta is an independent developer, owner, and operator of renewable power assets. The deal includes a 745-megawatt (MW) portfolio, including 538MW of wind assets: 538 MW of this in Spain, 144MW in Portugal, and 63MW of solar PV assets in Spain. It also includes a 1.6-gigawatt (GW) development pipeline. Brookfield will retain separately a 350MW portfolio of concentrated solar power assets.
This is one of Spain’s biggest renewable deals, and it is a boost to Masdar’s presence in one of Europe’s biggest renewable markets. Masdar sees the acceleration of the energy transition in Spain, Portugal, and Europe into a global capacity of 100GW by 2030. Recently, Masdar also announced a partnership with Endesa for 2.5GW of renewable energy projects in Spain.
Sultan Al Jaber, chairman of Masdar and president of COP28 said of the acquisition: It supports Masdar’s commitment to clean energy as well as the EU’s 2050 goal for net zero. Masdar will be tripling renewable capacity in a sustainable energy transition by 2030.
Brookfield’s Mark Carney concurred that both parties would continue leading pivotal roles in the pathway to the net-zero economy. The CEO of Saeta, Álvaro Pérez de Lema, said: “I am thoroughly proud and excited for future growth with Masdar as partners.”
Masdar’s CEO, Mohamed Jameel Al Ramahi, said, “Saeta assets and pipeline developments perfectly complement Masdar’s European portfolio and further strengthen the presence of renewable energy in the Iberian Peninsula.”.
