UAE clean energy developer Masdar has announced plans to buy Spanish renewable energy company Saeta Yield from Brookfield Renewable and its partners. The deal, which has an estimated enterprise value of $1.4 billion, is a major step in Masdar’s global expansion. The sale is expected to close by the end of 2024, pending regulatory approvals. Headquartered in Madrid, Spain, Saeta is an independent developer, owner and operator of renewable energy resources, with a portfolio of wind and solar power. The assets included in this sale include 745 megawatts (MW) of power generation capacity. This includes 538 MW of power plants in Spain, 144 MW of wind power in Portugal and 63 MW of solar (PV) plants in Spain. In addition, Saeta has a development pipeline of 1.6 gigawatts (GW) of renewable energy projects. Notably, the deal does not include Sata’s portfolio of 350 MW of fixed solar assets, which Brookfield Renewable will retain and operate. The agreement further strengthens Masdar’s growth in Spain, one of Europe’s largest markets for renewable energy.
It is also in line with Masdar’s overall strategy to expand its renewable energy portfolio in Europe and globally. The company has set ambitious goals with an installed capacity of 100 GW of renewable energy and the production of 1 million tons of green hydrogen by 2030. Joint development of 2.5 GW of renewable energy in Spain . In addition, Masdar has made other strategic purchases, including a 67 percent stake in Greek Terna Energy and a 49 percent stake in German offshore wind farm Iberdrola Baltic Eagle. The Chairman of Masdar and the Minister of Industry and Advanced Technology of the United Arab Emirates, Dr. Sultan Al Jaber, emphasized the importance of this purchase, saying that it is one of the most more about renewable energy in Spain. He emphasized that this contract shows Masdar’s commitment to support the EU’s net goals by 2050. For Brookfield Renewable, the sale is consistent with an asset turnaround strategy, which involves divesting some assets to fund future growth. Mark Carney, president and CEO of Transition Investments in Brookfield, expressed his delight at the transaction, saying that both companies are leaders in leading the world’s transition to a zero-equity economy. The CEO of Saeta, Alvaro Pérez de Lema, expressed his enthusiasm to work with Masdar to promote the company’s growth as a leading producer of renewable energy in Iberia.