Masdar, a subsidiary of Abu Dhabi Future Energy Company, recently announced the proposed acquisition of Saeta Yield from Brookfield Renewable for an estimated $1.4 billion. The deal includes a portfolio of 745 megawatts of wind and solar assets in Spain and Portugal, along with a 1.6 gigawatt development pipeline. The transaction is expected to close by the end of 2024 and excludes a regulated portfolio of concentrated solar power assets. The acquisition aligns with Masdar’s growth plans and supports the UAE’s goal to triple renewable energy capacity by 2030.
Dr. Sultan bin Ahmed Al Jaber, Minister of Industry and Advanced Technology, Chairman of Masdar, and COP28 President, expressed the significance of this deal in advancing renewable energy initiatives. Masdar aims to contribute to the EU’s net zero target and accelerate its growth plans through this acquisition. Mark Carney, chair and head of transition investing at Brookfield, highlighted the joint commitment of Masdar and Brookfield in promoting the transition towards a net-zero economy.
Brookfield has previously focused on optimizing Saeta’s assets and capital structure since acquiring the business in 2018. The sale of Saeta is part of Brookfield Renewable’s asset rotation strategy to recycle capital for further growth activities. Mohamed Jameel Al Ramahi, CEO of Masdar, emphasized the strategic fit of Saeta’s assets with Masdar’s existing portfolio in Europe, positioning the company for future growth opportunities. Connor Teskey, CEO of Brookfield Renewable Partners, commended Saeta’s performance under Brookfield’s ownership and expressed confidence in the company’s future success with Masdar.
Saeta’s CEO, Álvaro Pérez de Lema, looked forward to the new chapter of growth with Masdar as the controlling shareholder. The combined expertise and resources of Masdar and Saeta are expected to drive further expansion and leadership in the renewable energy sector in Iberia. Masdar and Brookfield have appointed various advisers for the transaction, including financial, legal, and technical advisors, to facilitate the successful completion of the acquisition. The deal signifies a significant milestone in renewable energy investments and contributes to a sustainable future in the energy sector.
