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UAE's renewable energy company Masdar is set to acquire Saeta Yield, a renewable power company, from Brookfield for an implied enterprise value of $1.4 billion as Abu Dhabi’s clean energy pioneer looks to add to its European portfolio.
The transaction consists of a portfolio of 745 megawatts (MW) of predominantly wind assets - 538MW of wind assets in Spain, 144MW of wind assets in Portugal and 63MW solar PV assets in Spain - and includes a 1.6 gigawatt (GW) development pipeline.
The deal, however, excludes a regulated portfolio of 350MW of concentrated solar power assets, which Brookfield will retain and continue to operate, according to a statement on Tuesday.
Masdar has retained Citigroup Global Markets Limited as its transaction advisor, Linklaters as legal advisor, UL as technical advisor and KPMG as its financial and tax advisor.
Santander and Société Générale advised Brookfields.
The acquisition is expected to close around the end of 2024 subject to customary approvals.
The deal advances Masdar’s growth plans in the region, representing one of Spain and Portugal’s largest renewable energy transactions, as the company targets global capacity of 100GW by 2030, the statement said.
In July, Masdar agreed to pay $887 million for a 49.99% stake in 48 solar plants controlled by Endesa SA, in Spain, with an overall capacity of 2 gigawatt.
In March this year, Masdar and Spain's Iberdrola also reached financial close on the 476MW Baltic Eagle offshore wind project located in the Baltic Sea off the coast of Germany.
Abu Dhabi government-owned company energy company TAQA owns 43% of Masdar while Mubadala has 33% and the state energy major ADNOC has 24%.
Writing by Brinda Darasha; editing by Seban Scaria)
