Masdar to Acquire Saeta Yield in $1.4 Billion Deal, Expanding Presence in European Renewable Energy Market

Masdar (Abu Dhabi Future Energy Company PJSC), the UAE’s leading clean energy firm, has announced its proposed acquisition of Saeta Yield from Brookfield Renewable and its institutional partners. The deal values Saeta at approximately $1.4 billion (€1.2 billion) and is expected to close by the end of 2024, pending customary approvals.

Saeta Yield is a prominent independent developer, owner, and operator of renewable energy assets, with a strong presence across the value chain. The acquisition includes a portfolio of 745 megawatts (MW) of wind and solar projects, comprising 538 MW of wind assets in Spain, 144 MW of wind assets in Portugal, and 63 MW of solar PV assets in Spain, alongside a 1.6 gigawatt (GW) development pipeline. Brookfield will retain its regulated portfolio of 350 MW of concentrated solar power assets.

Since acquiring Saeta in 2018, Brookfield has focused on streamlining operations, optimizing its capital structure, and positioning the company for growth through hybridization, repowering, and greenfield development. This sale aligns with Brookfield Renewable’s strategy to rotate assets and reinvest capital into growth initiatives.

This acquisition, one of Spain’s largest renewable energy transactions, strengthens Masdar’s presence in Europe’s renewable energy market and reinforces its commitment to accelerating the energy transition in Spain, Portugal, and the broader region. It also supports Masdar’s ambitious goal of reaching 100 GW of global capacity by 2030. Recently, Masdar announced a partnership with Endesa for 2.5 GW of renewable energy projects in Spain, pending regulatory approvals.

HE Dr Sultan Al Jaber, UAE Minister of Industry and Advanced Technology, Chairman of Masdar and COP28 President, said,
“Masdar is committed to accelerating the delivery of clean energy capacity across the Iberian Peninsula and Europe. 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. Matching words with actions, Masdar is further accelerating its ambitious growth plans, as well as supporting the delivery of the UAE Consensus ratified at COP28, to triple renewable energy capacity by 2030, enabling a just, orderly and equitable energy transition.”

Mark Carney, Chair and Head of Transition Investing at Brookfield, added, “We are thrilled to conclude this important transaction with Masdar. As global leaders in clean energy development, Brookfield and Masdar will continue to be important players to accelerate the journey towards a net-zero economy.”

Mohamed Jameel Al Ramahi, Chief Executive Officer of Masdar, added,
“With an operating capacity of 745 MW of predominantly wind assets, and a 1.6 GW development pipeline in Spain and Portugal, Saeta is a perfect complement to Masdar’s portfolio in Europe, following our recent partnership with Endesa for 2.5 GW 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 100 GW by 2030.”

Connor Teskey, Chief Executive Officer of Brookfield Renewable Partners, commented,“We are pleased to have successfully supported Saeta throughout our ownership, having worked closely with the business to scale and optimize its renewable portfolio across Iberia. 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.”

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. We look forward to working with Masdar to take Saeta to the next phase of its growth story, further consolidating its leadership position as an independent producer of renewable energy in Iberia.”