Abu Dhabi Future Energy Company (Masdar) has announced its plans to acquire Spanish-based firm Saeta Yield from Brookfield Renewable and its institutional partners for an estimated $1.4 billion (€1.2 billion).
The transaction, subject to customary approvals, is expected to close by the end of 2024.
Saeta Yield is a prominent player in the renewable energy industry. The company’s portfolio amounts to 745 megawatts (MW) of mainly wind assets. This includes 538MW of wind assets in Spain, 144MW in Portugal, and 63MW of solar photovoltaic assets in Spain.
The deal will see Masdar acquiring the company’s 1.6 gigawatt (GW) development pipeline, in addition to Saeta Yield’s current assets. However, Brookfield will retain and continue to operate a regulated portfolio of 350MW of concentrated solar power assets.
“Masdar is committed to accelerating the delivery of clean energy capacity across the Iberian Peninsula and Europe,” said Dr. Sultan bin Ahmed Al Jaber, Minister of Industry and Advanced Technology, Chairman of Masdar and COP28 President.
Since acquiring Saeta Yield in 2018, Brookfield has worked closely with Saeta’s management team to divest non-core assets, optimise its capital structure, and position the business for growth through hybridisation, repowering, greenfield development and accretive tuck-in opportunities. The sale aligns with Brookfield Renewable’s asset rotation strategy to recycle capital to fund growth activities.
“We are pleased to have successfully supported Saeta throughout our ownership, having worked closely with the business to scale and optimise its renewable portfolio across Iberia,” said Connor Teskey, CEO of Brookfield Renewable Partners.
Álvaro Pérez de Lema, Chief Executive Officer of Saeta, said, “After more than six years of successful and profitable growth with Brookfield, we are very excited to open a new chapter in Saeta’s history with the arrival of Masdar as the new controlling shareholder.”
Abu Dhabi government-owned company energy company TAQA owns 43% of Masdar while Mubadala has 33% and the state energy major ADNOC has 24%.
Masdar has a long-lasting relationship with Spain’s energy sector. In July, the company signed an agreement with Spanish energy firm Endesa to invest in 2.5 gigawatts (GW) of renewable energy assets in the European nation. Earlier in the year, Masdar also partnered with Iberdrola in a €15 billion strategic deal to develop offshore wind and green hydrogen projects in key markets like Germany, the UK, and the USA.
