Abu Dhabi – Mubasher: Abu Dhabi Future Energy Company (Masdar), in which Abu Dhabi National Energy Company (TAQA) holds a 43% shareholding, plans to acquire Saeta Yield from Brookfield Renewable.
The transaction is valued at $1.40 billion, which is subject to customary approvals and is expected to take place around the end of 2024, according to a press release.
Saeta is a leading independent developer, owner, and operator of renewable power assets with capabilities across the entire value-chain.
The acquisition covers a portfolio of 745 megawatts (MW) 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 1.6 gigawatt (GW) development pipeline.
However, the transaction excludes a regulated portfolio of 350MW of concentrated solar power assets, which Brookfield will retain and continue to operate.
Sultan Al Jaber, , Chairman of Masdar, said: “Representing one of Spain’s largest renewable energy transactions, this landmark deal with Brookfield Renewable builds on Masdar’s strong growth story, demonstrating our commitment to the EU’s wider net zero by 2050 target and unlocking new capacity.”
Mohamed Jameel Al Ramahi, CEO of Masdar, noted: “With an operating capacity of 745MW of predominantly wind assets, and a 1.6GW development pipeline in Spain and Portugal, Saeta is a perfect complement to Masdar’s portfolio in Europe, following our recent partnership with Endesa for 2.5GW of solar energy.”
“This deal consolidates our footprint in the Iberian market by acquiring a well-established renewable platform, with a strong operational portfolio and management team, and tangible near-term and long-term growth opportunities, supporting Masdar’s expansion plans to reach 100GW by 2030,” Al Ramahi continued.
Connor Teskey, CEO of Brookfield Renewable Partners, commented: “The company has a strong development pipeline and a top-tier management team, and is well positioned to continue delivering incremental renewable energy to the region over the coming years under Masdar’s sponsorship.”
In July, Masdar and RWE partnered to develop the Dogger Bank South (DBS) Offshore Wind Farms.
