UAE-based renewables developer Masdar has announced its agreement to acquire Saeta Yield SA, a Spanish clean energy producer boasting 745 MW of operating assets and a 1.6-GW development pipeline, from Brookfield Renewable Partners LP and its institutional partners.
The transaction, valued at an implied enterprise value of approximately USD 1.4 billion (EUR 1.25 billion), is set to be one of the largest deals in the renewable energy sector in Spain and Portugal, according to Masdar's statement today.
Saeta possesses comprehensive capabilities across the renewable energy value chain, developing, owning, and operating power assets. Its portfolio comprises 538 MW of wind assets in Spain, 144 MW of wind assets in Portugal, and 63 MW of solar photovoltaics in Spain. Notably, the transaction does not include Saeta's regulated portfolio of 350 MW of concentrated solar power assets, which Brookfield will retain and operate.
Speculation about the potential sale of Saeta has circulated for months, with state-owned power company China Three Gorges among the rumored bidders.
Saeta was previously taken private in a USD 1.2 billion deal in 2018 by TerraForm Power, which is now part of Brookfield Asset Management. The sale to Masdar aligns with Brookfield Renewable's strategy to rotate assets and recycle capital to fund growth initiatives.
For Masdar, this acquisition reinforces its expansion plans in the Iberian Peninsula and Europe, contributing to its objective of reaching a global renewable energy capacity of 100 GW by 2030. This move follows Masdar's recent agreement to invest in a portfolio of 2.5 GW of solar and storage capacities owned by Spanish utility Endesa SA.
