Masdar To Acquire Brookfield’s Renewable Energy Subsidiary For $1.4 Billion

Abu Dhabi Future Energy Company Masdar has made a bid to acquire Brookfield Renewable’s renewable energy subsidiary Saeta Yield for an enterprise value of $1.4 billion. It is aimed at expanding the company’s presence in the Iberian Peninsula.  

An independent developer, owner and operator of renewable energy assets, Saeta’s portfolio comprises 538 MW wind energy assets in Spain, 144 MW wind assets in Portugal, and 63 MW solar PV assets in Spain. It also has 1.6 GW of capacity in the development pipeline.  

Brookfield acquired Saeta in 2018 and positioned the business for growth through hybridization, greenfield development and accretive tuck-in opportunities. The company said Saeta’s sale is in line with its asset rotation strategy to recycle capital to fund growth activities.  

It will, however, retain and continue to operate the 350 MW of concentrated solar power assets of Saeta.  

For Masdar, the deal allows the company to dig deeper into the European markets of Spain and Portugal as it advances to achieve the 100 GW renewable energy capacity target by 2030. 

“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,” said Masdar CEO Mohamed Jameel Al Ramahi.  

The Saeta deal is expected to close around the end of 2024 and represents one of the largest renewable energy transactions in Spain and Portugal, according to Masdar.  

Recently, Masdar announced a partnership with Endesa for 2.5 GW of new renewable energy assets in Spain (see Masdar Announces One Among ‘Biggest’ Renewable Energy Transactions In Spain).