Madrid, Spain — Abu Dhabi Future Energy Company (Masdar) has announced a major expansion in Europe with the proposed acquisition of Saeta Yield from Brookfield Renewable, for an estimated value of AED 5 billion ($1.4 billion), subject to regulatory approvals and expected to close at the end of 2024.
Saeta is a leading independent developer, owner and operator of renewable energy assets, with projects covering various stages of the value chain within the sector, WAM reported.
The deal includes a diversified portfolio of projects, mostly in the field of wind energy with a total capacity of 745 MW, including 538 MW of wind power project assets in Spain, 144 MW of wind power project assets in Portugal, and 63 MW of solar photovoltaic project assets in Spain, and includes plans to develop other projects with a capacity of 1.6 GW, while excluding a group of 350 MW concentrated solar power projects, which will be maintained by Brookfield. And it keeps running.
Dr. Sultan bin Ahmed Sultan Al Jaber, Minister of Industry and Advanced Technology, said that this investment underscores Masdar’s commitment to implementing the leadership’s vision to promote sustainable economic development and deploy renewable energy solutions and projects.
“This deal with Brookfield Renewables represents one of the largest renewable energy deals in Spain, underscores Masdar’s significant efforts to expand its activities and projects and implement its ambitious growth and expansion plans, and supports the goal of tripling global renewable energy capacity, in line with the historic UAE agreement reached at COP28.”
Masdar recently announced an agreement with Endesa to become a portfolio asset partner for Spain’s 2.5 GW renewable energy projects, subject to compliance and regulatory approvals.
Mark Carney, Chairman and Chief Investment Officer at Brookfield, said: “We are delighted to enter into this important transaction with Masdar. As global leaders in clean energy, Brookfield and Masdar will continue to play a vital role in supporting the transition to a zero-carbon economy.”
Since Brookfield’s acquisition of Saeta in 2018, it has collaborated with the company’s management team to implement a successful business plan focused on optimizing capital structure, driving growth through mergers, restarts, sustainable development and other opportunities.
The transaction is part of Brookfield’s renewable energy asset strategy to recycle capital to finance growth activities.
Mohamed Jameel Al Ramahi, Chief Executive Officer of Masdar, said: “With a portfolio of 745 MW of wind projects in operation, mostly in the wind energy sector, and plans to develop 1.6 GW of projects in Spain and Portugal, Saeta is an important addition to Masdar’s portfolio in Europe, especially following its recent partnership with INDESSA on a 2.5 GW solar portfolio.”