– Masdar, the UAE’s renewable energy company, is acquiring Saeta Yield from Brookfield for $1.4 billion, adding 745MW of wind and solar assets in Spain and Portugal, along with a 1.6GW development pipeline.

– The deal, set to close by the end of 2024, excludes 350MW of concentrated solar power assets, which Brookfield will retain, and marks one of the largest renewable energy transactions in Spain and Portugal.

– Masdar aims to reach 100GW of global capacity by 2030, expanding its European portfolio with recent acquisitions, including a 49.99% stake in 48 Spanish solar plants and a 476MW offshore wind project in Germany.

UAE-based renewable energy company Masdar is set to acquire Saeta Yield, a renewable power firm, from Brookfield for an enterprise value of $1.4 billion.

This acquisition aligns with Masdar’s strategy to expand its European portfolio. This transaction represents one of the largest renewable energy deals in Spain and Portugal. Masdar aims to reach 100GW of global capacity by 2030.

Earlier this year, Masdar also acquired a 49.99% stake in 48 solar plants in Spain and reached financial close on a 476MW offshore wind project in Germany.

The deal includes a 745MW portfolio, primarily comprising wind assets—538MW in Spain, 144MW in Portugal, and 63MW of solar PV in Spain. Additionally, it features a 1.6GW development pipeline.

Brookfield will retain a separate 350MW portfolio of concentrated solar power assets, which are excluded from the deal. Masdar has engaged Citigroup, Linklaters, UL, and KPMG as its transaction advisors, while Santander and Société Générale advised Brookfield. The acquisition is expected to close by the end of 2024, subject to regulatory approvals.

Masdar is 43% owned by Abu Dhabi’s TAQA, 33% by Mubadala, and 24% by ADNOC. Meanwhile, Brookfield Asset Management is focused on financing clean energy transitions in emerging markets, having raised $2.4 billion for its Catalytic Transition Fund, with plans to reach $5 billion.