UAE’s Masdar buys Iberian renewables portfolio

MADRID, September 25, 2024 – Abu Dhabi Future Energy Company (Masdar) has reached an agreement with Brookfield Renewable for the acquisition of renewables development company Saeta Yield, Masdar announced on Tuesday.

Saeta Yield develops, owns and operates renewables assets in the Iberian Peninsula. Under the terms of the agreement, Masdar will acquire 538 MW of wind assets in Spain, 144 MW of wind assets in Portugal and 63 MW of solar PV assets in Spain, as well as a 1.6-GW development pipeline. Saeta Yield’s portfolio of 350 MW concentrated solar assets will be retained by Brookfield.

The deal implies an enterprise value of USD 1.4 billion for Saeta Yield and is one of Spain’s largest renewables transactions. It is Masdar’s second acquisition in the country after the company took, in June 2024, a 49.99% stake in a portfolio of 48 solar plants controlled by Endesa in a deal valued at USD 817 million.

“This deal consolidates our footprint in the Iberian market by acquiring a well-established renewables 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 100 GW by 2030,” said Mohamed Jameel Al Ramahi, CEO of Masdar.

Masdar is owned by the UAE’s state-owned investment and asset management firm Mubadala, together with national oil company ADNOC and energy and water company TAQA. The combined value of its portfolio of renewables assets in operation or under development worldwide is more than USD 30 billion.

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

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