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 (鈧�1.2bn) deal.
The transaction involves Brookfield鈥檚 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 鈥渁sset rotation strategy to recycle capital to fund growth activities鈥�.
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: 鈥淢asdar is committed to accelerating the delivery of clean energy capacity across the Iberian Peninsula and Europe.
鈥淩epresenting one of Spain鈥檚 largest renewable energy transactions, this landmark deal with Brookfield Renewable builds on Masdar鈥檚 strong growth story, demonstrating our commitment to the EU鈥檚 wider net-zero-by-2050 target and unlocking new capacity.鈥�
Mark Carney, chair and head of transition investing at Brookfield, said: 鈥淲e 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.鈥�
Mohamed Jameel Al Ramahi, CEO of Masdar, said: 鈥淲ith 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鈥檚 portfolio in Europe, following our recent partnership with Endesa for 2.5GW of solar energy.
鈥淭his 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鈥檚 expansion plans to reach 100GW by 2030.鈥�
Connor Teskey, CEO of Brookfield Renewable Partners, said: 鈥淲e 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.
鈥淭he 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鈥檚 sponsorship.鈥�
脕lvaro P茅rez de Lema, CEO of Saeta, said: 鈥淎fter more than six years of successful and profitable growth with Brookfield, we are very excited to open a new chapter in Saeta鈥檚 history with the arrival of Masdar as the new controlling shareholder.
鈥淲e 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.鈥�
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