Abu Dhabi Future Energy Company (Masdar) announced on Monday the proposed acquisition of Saeta Yield from Brookfield Renewable, in partnership with its institutional partners (Brookfield), for an implied enterprise value of $1.4 billion. The transaction is expected to close around the end of 2024, subject to customary approvals. Saeta is a prominent independent developer, owner, and operator of renewable power assets, with capabilities spanning the entire value chain. The deal includes a portfolio of 745 megawatts (MW) of predominantly wind assets—538MW in Spain, 144MW in Portugal, and 63MW of solar PV assets in Spain—along with a 1.6 gigawatt (GW) development pipeline. Brookfield will retain and continue to operate a regulated portfolio of 350MW of concentrated solar power assets excluded from the transaction.
Dr. Sultan bin Ahmed Al Jaber, Minister of Industry and Advanced Technology, Chairman of Masdar, and COP28 President, stated, “This landmark deal with Brookfield Renewable, one of Spain’s largest renewable energy transactions, underscores Masdar’s commitment to the EU’s net-zero by 2050 target and supports the UAE’s goal to triple renewable energy capacity by 2030.” Mark Carney, Chair and Head of Transition Investing at Brookfield, added: “We are excited to conclude this significant transaction with Masdar, as both companies remain pivotal in driving the transition to a net-zero economy.”
Since acquiring Saeta in 2018, Brookfield has collaborated with its management team to divest non-core assets, optimize capital structure, and position the business for growth through hybridization, repowering, greenfield development, and accretive opportunities. The sale aligns with Brookfield Renewable’s strategy to recycle capital for growth activities. Mohamed Jameel Al Ramahi, CEO of Masdar, noted: “Saeta’s 745MW operating capacity and 1.6GW development pipeline in Spain and Portugal complement Masdar’s portfolio, following our recent partnership with Endesa for 2.5GW of solar energy. This acquisition strengthens our presence in the Iberian market and supports our expansion plans to reach 100GW by 2030.”
Connor Teskey, CEO of Brookfield Renewable Partners, commented: “We are proud of our work with Saeta to scale and optimize its renewable portfolio. The company is well-positioned to continue delivering renewable energy under Masdar’s leadership.” Álvaro Pérez de Lema, CEO of Saeta, expressed excitement about the new chapter with Masdar, looking forward to further consolidating Saeta’s leadership in Iberia’s renewable energy sector.
Masdar has engaged Citigroup Global Markets Limited, Linklaters, UL, and KPMG as transaction, legal, technical, and financial advisers, respectively. Brookfield retained Santander, Société Générale, Uría Menéndez, G-Advisory, and KPMG for similar advisory roles.
