Abu Dhabi Future Energy Company PJSC – Masdar, the UAE’s leading clean energy powerhouse, is set to expand its footprint in the Iberian Peninsula with the proposed acquisition of Saeta Yield from Brookfield Renewable. The deal, valued at approximately US$1.4 billion (€1.2 billion), will see Masdar acquire a portfolio of 745MW of predominantly wind assets, including 538MW in Spain and 144MW in Portugal, along with 63MW of solar PV assets in Spain. Additionally, Masdar will inherit a 1.6GW development pipeline.
This strategic move represents one of Spain’s largest renewable energy transactions and demonstrates Masdar’s commitment to accelerating the energy transition in the region. The acquisition of Saeta, a leading independent developer, owner, and operator of renewable power assets, aligns perfectly with Masdar’s goal of achieving a global capacity of 100GW by 2030.
Brookfield Renewable, who acquired Saeta in 2018, has successfully executed a business plan focused on divesting non-core assets, optimizing its capital structure, and positioning the business for growth. This sale aligns with Brookfield Renewable’s strategy of recycling capital to fund growth activities.
Saeta’s strong operational portfolio, experienced management team, and tangible near-term and long-term growth opportunities make it a valuable addition to Masdar’s European portfolio. This acquisition follows Masdar’s recent partnership with Endesa for 2.5GW of solar energy in Spain.
The deal underscores Masdar’s commitment to supporting the EU’s wider net-zero by 2050 target and advancing its growth plans in the region. It also aligns with the UAE Consensus ratified at COP28 to triple renewable energy capacity by 2030.
The transaction is expected to close by the end of 2024, subject to customary approvals. Masdar has retained Citigroup Global Markets Limited as its transaction advisor, Linklaters as legal advisor, UL as technical advisor, and KPMG as its financial and tax advisor. Brookfield has retained Santander and Société Générale as its transaction advisors, Uría Menéndez as legal advisor, G-Advisory as technical advisor, and KPMG as its tax advisor.
About Masdar
Masdar (Abu Dhabi Future Energy Company) is a globally recognized leader in renewable energy, committed to advancing the development and deployment of solar, wind, geothermal, battery storage, and green hydrogen technologies. Established in 2006, Masdar has developed and invested in projects across over 40 countries, with a combined capacity exceeding 20GW. Masdar is jointly owned by TAQA, ADNOC, and Mubadala, and is aiming to reach a renewable energy portfolio capacity of 100GW by 2030 while establishing itself as a leading producer of green hydrogen by the same year.
About Brookfield Renewable
Brookfield Renewable operates one of the world’s largest publicly traded platforms for renewable power and sustainable solutions. Its portfolio includes hydroelectric, wind, utility-scale solar, and storage facilities across North America, South America, Europe, and Asia. The company has an operating capacity of over 34,000 megawatts and a development pipeline of approximately 200,000 megawatts. Brookfield Renewable is a flagship listed renewable power and transition company of Brookfield Asset Management, a leading global alternative asset manager with approximately $1 trillion of assets under management.
