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Masdar acquires Saeta Yield from Brookfield for $1.4 billion

Posted on by darion

Dr. Sultan Al Jaber, Minister of Industry and Advanced Technology of the United Arab Emirates, Chairman of Masdar and President of COP28, and Chairman of Brookfield and CEO of Transition Investing Mark Carney meet on the sidelines of the UN General Assembly. Source: 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 $1.4 billion (€1.2 billion).

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

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

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

Saeta CEO Álvaro Pérez de Lema said: “After more than six years of successful and profitable growth with Brookfield, we are very excited to open a new chapter in the history of Saeta with the arrival of Masdar as the new majority shareholder.

“We look forward to working with Masdar to help us take Saeta into the next phase of its growth story and further strengthen its leadership position as an independent renewable energy producer on the Iberian Peninsula.”

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The transaction is subject to customary approvals and is expected to close by the end of 2024.

Since acquiring the company in 2018, Brookfield Renewable has worked closely with the Saeta management team to implement the strategic business plan.

The plan focused on divesting non-core assets, optimizing the capital structure and positioning the company for expansion through initiatives such as hybridization, revitalization, greenfield development and accretive opportunities.

Brookfield Renewable’s decision to sell is consistent with the company’s asset rotation strategy, which recycles capital to fund growth activities.

Masdar CEO Mohamed Jameel Al Ramahi said: “With an operational capacity of 745 MW, primarily in wind assets, and 1.6 GW of planned investments in Spain and Portugal, Saeta perfectly complements Masdar’s portfolio in Europe, following our recent 2.5 GW solar partnership with Endesa.

“This agreement strengthens our presence in the Iberian market by acquiring a successful renewable energy platform with a strong operational portfolio and management team and tangible growth opportunities in the near and long term, supporting Masdar’s expansion plans to reach 100 GW by 2030.”

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