Abu Dhabi Future Energy Company (Masdar) is acquiring Saeta Yield, a renewable energy company with assets in Spain and Portugal, from Brookfield in a $1.4bn (€1.2bn) deal.
The transaction involves Brookfield’s listed affiliate Brookfield Renewable, together with institutional partners, selling a portfolio of 745MW of predominantly wind assets, and a 1.6GW development pipeline in Spain and Portugal.
The deal, which implies a $1.4bn implied enterprise value for Saeta, excludes a regulated portfolio of 350MW of concentrated solar power assets, which Brookfield will retain and continue to operate.
Saeta, acquired by Brookfield in 2018, is an independent developer, owner and operator of renewable power assets with capabilities across the entire value-chain.
Brookfield said the sale is in line with its “asset rotation strategy to recycle capital to fund growth activities”.
Masdar said the acquisition of Saeta was consistent with its commitment to accelerating the energy transition in Spain, Portugal and other European markets, and supports its growth plans in the region as it strives to achieve a global capacity of 100GW by 2030.
Sultan Al Jaber, UAE minister of industry and advanced technology, chairman of Masdar and COP28 president, said: “Masdar is committed to accelerating the delivery of clean energy capacity across the Iberian Peninsula and Europe.
“Representing one of Spain’s largest renewable energy transactions, this landmark deal with Brookfield Renewable builds on Masdar’s strong growth story, demonstrating our commitment to the EU’s wider net-zero-by-2050 target and unlocking new capacity.”
Mark Carney, chair and head of transition investing at Brookfield, said: “We are thrilled to conclude this important transaction with Masdar. As global leaders in clean energy development, Brookfield and Masdar will continue to be important players to accelerate the journey towards a net-zero economy.”
Mohamed Jameel Al Ramahi, CEO of Masdar, said: “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.”
Connor Teskey, CEO of Brookfield Renewable Partners, said: “We are pleased to have successfully supported Saeta throughout our ownership, having worked closely with the business to scale and optimise its renewable portfolio across Iberia.
“The company has a strong development pipeline and a top-tier management team, and is well positioned to continue delivering incremental renewable energy to the region over the coming years under Masdar’s sponsorship.”
Álvaro Pérez de Lema, CEO of Saeta, said: “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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