Brookfield sells Saeta's 745MW portfolio to Masdar as part of a US$1.4bn deal to fuel energy growth
Abu Dhabi Future Energy Company PJSC (Masdar), the UAE’s clean energy company, has announced its acquisition of Saeta Yield from Brookfield Renewable.
Saeta, an independent developer, owner, and operator of renewable power assets, was purchased for an implied enterprise value of approximately US$1.4bn.
The deal, which represents one of Spain’s largest renewable energy transactions, involves 745 megawatts (MW) of wind and solar assets and includes a 1.6-gigawatt (GW) development pipeline.
However, the transaction excludes 350MW of concentrated solar power assets, which Brookfield will retain and continue to operate.
Sultan Al Jaber, UAE minister of Industry and Advanced Technology, chair of Masdar, and COP28 president, stated that this acquisition demonstrates Masdar’s commitment to accelerating clean energy capacity across the Iberian Peninsula and Europe.
“Masdar is committed to accelerating the delivery of clean energy capacity across the Iberian Peninsula and Europe,” Al Jaber said. He highlighted the importance of this transaction in supporting the EU’s net zero target by 2050 and emphasized Masdar’s plans to triple renewable energy capacity by 2030.
Mark Carney, chair, and head of Transition Investing at Brookfield, expressed enthusiasm about the deal, describing it as an important transaction for both companies.
Since acquiring Saeta in 2018, Brookfield worked with the management team to divest non-core assets, optimize the capital structure, and position the business for growth through hybridization, greenfield development, and other strategic opportunities.
According to the Masdar press release, this sale aligns with Brookfield Renewable’s strategy of recycling capital to fund future growth.
Connor Teskey, CEO of Brookfield Renewable Partners, noted the success of their partnership with Saeta in scaling and optimizing its renewable portfolio across Iberia.
“The company has a strong development pipeline and a top-tier management team,” Teskey said, expressing confidence in Saeta's future under Masdar’s ownership.
Álvaro Pérez de Lema, CEO of Saeta, shared excitement about this new chapter for the company.
“We are very excited to open a new chapter in Saeta's history with the arrival of Masdar as the new controlling shareholder,” Pérez de Lema said, noting Saeta’s continued growth and leadership in Iberia’s renewable energy market.
The acquisition is expected to close by the end of 2024, pending customary approvals.
