Abu Dhabi's Masdar to acquire Saeta Yield in $1.4b deal from Brookfield Renewable

Dubai: The Abu Dhabi alt-energy company Masdar has confirmed plans to acquire Saeta Yield, an independent developer, owner and operator of renewable power assets. The latter is currently owned by Brookfield Renewable along with partners.

The deal suggests an implied enterprise value of around $1.4 billion. Closing of the transaction is likely by end of 2024.

The transaction consists of a portfolio of 745MW of predominantly wind assets - 538MW of wind assets in Spain, 144MW of wind assets in Portugal and 63MW solar PV assets in Spain - and includes a 1.6GW development pipeline. (The transaction, however, excludes a regulated portfolio of 350MW of concentrated solar power assets, which Brookfield will retain and continue to operate.)

“Masdar is committed to accelerating the delivery of clean energy capacity across the Iberian Peninsula and Europe," said Dr. Sultan Al Jaber, UAE's Minister of Industry and Advanced Technology and Chairman of Masdar. "Matching words with actions, Masdar is further accelerating its ambitious growth plans - as well as supporting the delivery of the UAE Consensus ratified at COP28 - to triple renewable energy capacity by 2030, enabling a just, orderly and equitable energy transition.”

For Brookfield Renewable, the stake sale is in line with an asset 'rotation strategy to recycle capital to fund growth activities'.

A big one for Spain's renewable energy

The deal represents one of Spain’s largest renewable energy transactions. It 'cements' Masdar’s position in the country, being one of Europe’s largest renewable markets.

"The deal demonstrates Masdar’s commitment to accelerating the energy transition in Spain, Portugal and Europe," said a statement. Plus, the transaction advances the UAE company's growth plans in Europe as it targets a global capacity of 100GW by 2030.

Recently, Masdar announced an agreement with Endesa to become a partner for 2.5GW of renewable energy assets in Spain.