Masdar Set to Acquire Saeta from Brookfield in $1.4 Billion Deal

Abu Dhabi Future Energy Company PJSC – Masdar, the UAE’s leading clean energy company, has unveiled plans to acquire Saeta Yield from Brookfield Renewable and its institutional partners. The deal, valued at approximately $1.4 billion (€1.2 billion), is expected to close by the end of 2024, pending regulatory approvals.

Saeta Yield is a major independent developer, owner, and operator of renewable energy assets, primarily in Spain and Portugal. The acquisition includes a portfolio of 745 megawatts (MW) of renewable assets—538MW of wind assets in Spain, 144MW of wind assets in Portugal, and 63MW of solar PV in Spain. The deal also involves a 1.6-gigawatt (GW) development pipeline, although Brookfield will retain a 350MW portfolio of concentrated solar power assets.

Since acquiring Saeta in 2018, Brookfield has successfully optimized the business by divesting non-core assets and positioning it for growth. The sale aligns with Brookfield Renewable’s strategy of recycling capital to fund new growth opportunities.

This acquisition marks one of Spain’s largest renewable energy deals, reinforcing Masdar’s strong foothold in the Iberian market and furthering its global renewable energy expansion. Masdar aims to reach a global capacity of 100GW by 2030, in line with the UAE’s ambitious energy goals.

HE Dr. Sultan Al Jaber, UAE Minister of Industry and Advanced Technology, Chairman of Masdar, and COP28 President, highlighted the significance of the deal: “This landmark transaction with Brookfield Renewable accelerates our commitment to clean energy across the Iberian Peninsula and Europe, supporting the EU’s net-zero goals by 2050.”

Brookfield’s Mark Carney, Chair and Head of Transition Investing, expressed excitement over the partnership, saying, “This transaction with Masdar will further accelerate the global shift towards a net-zero economy.”

Masdar CEO Mohamed Jameel Al Ramahi emphasized the strategic importance of the acquisition: “Saeta’s portfolio complements our European expansion, consolidating our presence in the Iberian market and supporting our target of 100GW by 2030.”

Brookfield Renewable CEO Connor Teskey praised Saeta’s growth under Brookfield’s ownership, stating that the company is well-positioned for continued success under Masdar’s leadership. Saeta CEO Álvaro Pérez de Lema added that the company is excited to enter a new phase of growth with Masdar’s support.