Masdar has announced two significant deals in Spain, acquiring Saeta Yield and a 49.99% stake in Endesa, just days after its record-breaking acquisition of TERNA Energy in Greece. “These investments strengthen Masdar’s position in the European renewable energy market and align with the EU’s Net Zero by 2050 strategy,” the company said on Tuesday.
Masdar acquired Saeta Yield, a renewables platform with a 745MW operating portfolio of primarily wind assets and a 1.6GW development pipeline across Spain and Portugal, from Brookfield Renewable Partners. The transaction was valued at €1.2 billion ($1.25 billion) in enterprise value, with an equity value of €696 million ($723.3 million).
The acquisition also includes a 49.99% stake in Enel Green Power España (EGPE) Solar, a subsidiary of Endesa, for an enterprise value of €817 million ($849 million) and an equity value of €280 million ($291 million). Endesa’s renewable portfolio consists of over 2GW of solar assets, with plans to add 0.5GW of battery energy storage systems. The partnership includes long-term power purchase agreements under which Endesa will acquire 100% of the energy produced by the solar photovoltaic assets.
“These landmark acquisitions build on Masdar’s strong growth story and reinforce its credentials as a trusted global partner for governments, investors, and communities,” said Mohamed Jameel Al Ramahi, CEO of Masdar. “The acquisition of Saeta and our partnership with Endesa reflect our commitment to the EU’s energy transition goals and our target of achieving 100GW global capacity by 2030.”
Saeta’s portfolio includes 538MW of wind assets in Spain, 144MW in Portugal, and 63MW of solar photovoltaic assets in Spain. It also features a 1.6GW development pipeline. However, the deal excludes 350MW of concentrated solar power assets, which Brookfield will retain.
Under the agreement with Endesa, Enel will maintain operational control of EGPE Solar’s assets while collaborating with Masdar to advance energy transition projects in Spain.
These investments follow Masdar’s acquisition of TERNA Energy in Greece and reflect its growing influence across Europe’s renewable energy sector.
