Dr Sultan Al Jaber, United Arab Emirates Minister of Industry and Advanced Technology, chairman of Masdar and COP28 President, and Brookfield chair and Transition Investing head Mark Carney meet on the sidelines of the United Nations General Assembly. Credit: Masdar /PRNewswire.

United Arab Emirates-based clean energy company Masdar has announced its intention to acquire Saeta Yield from Brookfield Renewable and its institutional partners for an implied enterprise value of $1.4bn (€1.2bn).

Saeta Yield is an independent developer, owner and operator of renewable power assets, with capabilities spanning the entire value chain.

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The acquisition includes a substantial portfolio of 745MW, primarily consisting of wind assets — 538MW located in Spain, 144MW in Portugal and 63MW of solar photovoltaic assets in Spain. The transaction also comprises a 1.6GW development pipeline.

The deal will not include a regulated portfolio of 350MW of concentrated solar power assets, which Brookfield will retain and continue to operate.

Saeta CEO Álvaro Pérez de Lema stated: “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.”

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Completion of the deal is subject to customary approvals and will be finalised by the end of 2024.

Since taking over the business in 2018, Brookfield Renewable has collaborated closely with Saeta’s management team to implement a strategic business plan.

The plan has been centred on divesting non-core assets, optimising the capital structure, and positioning the business for expansion through initiatives such as hybridisation, repowering, greenfield development and accretive tuck-in opportunities.

Brookfield Renewable’s decision to sell is consistent with its asset rotation strategy, which involves recycling capital to finance growth activities.

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

In July 2024, Masdar signed a deal to acquire a 49.99% stake in Endesa’s 2.5GW renewable energy portfolio in Spain.