UAE energy company Masdar has reached an agreement to acquire Spanish green energy company Saeta from Brookfield Renewable this week, in one of Spain’s largest renewable energy transactions.
The deal, valued at $1.4 billion, is subject to customary approvals and is expected to occur around the end of 2024.
The transaction consists of a portfolio of 745 megawatts (MW) of predominantly wind assets, including 538MW of wind assets in Spain, 144MW of wind assets in Portugal and 63MW of solar PV assets in Spain. Also included is a 1.6 gigawatt (GW) development pipeline.
However, Brookfield will retain and continue to operate a regulated portfolio of 350MW of concentrated solar power assets.
“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,” said Mohamed Jameel Al Ramahi, Chief Executive Officer of Masdar.
“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,” he added.
This deal comes hot off the heels of the energy company’s agreement to buy a minority stake in 48 solar plants controlled by Endesa back in July.