Brookfield shifts focus by selling 745MW of Saeta's assets, retaining 350MW of solar power operations
Abu Dhabi Future Energy Company PJSC (Masdar) has announced its plan to acquire Saeta Yield from Brookfield Renewable and its institutional partners.
The proposed acquisition, valued at approximately US$1.4bn, includes 745 megawatts (MW) of mostly wind assets—538MW of wind assets in Spain, 144MW in Portugal, and 63MW of solar photovoltaic (PV) assets in Spain.
The deal also includes a 1.6-gigawatt (GW) development pipeline. Brookfield will retain and continue to operate 350MW of concentrated solar power assets, which are not part of the transaction.
Brookfield acquired Saeta in 2018 and has since worked with its management team to divest non-core assets, optimize capital structures, and position the business for growth through hybridization, repowering, and new development opportunities.
According to Masdar’s press release, this sale aligns with Brookfield Renewable's strategy to recycle capital for further growth.
The acquisition marks one of Spain’s largest renewable energy transactions, strengthening Masdar’s position in the Iberian market, one of Europe’s biggest renewable markets.
Masdar aims to accelerate the energy transition in Spain, Portugal, and across Europe, contributing to its goal of reaching 100GW of global renewable capacity by 2030.
Masdar also recently announced an agreement with Endesa to partner for 2.5GW of renewable assets in Spain, subject to regulatory approval.
Sultan Al Jaber, UAE minister of Industry and Advanced Technology, chair of Masdar, and COP28 President, stated, “Masdar is committed to accelerating the delivery of clean energy capacity across the Iberian Peninsula and Europe.”
“Representing one of Spain's largest renewable energy transactions, this landmark deal with Brookfield Renewable builds on Masdar's strong growth story, demonstrating our commitment to the EU's wider net-zero by 2050 target.”
Mohamed Jameel Al Ramahi, CEO of Masdar, emphasized that Saeta, with its 745MW of wind assets and 1.6GW development pipeline, complements Masdar's European portfolio, particularly following the recent 2.5GW solar energy partnership with Endesa.
He noted that this acquisition consolidates Masdar’s presence in the Iberian market and supports its goal of reaching 100GW of renewable capacity by 2030.
Álvaro Pérez de Lema, CEO of Saeta, expressed excitement about the next phase of the company’s growth under Masdar’s ownership, following six years of successful growth with Brookfield.
He looks forward to working with Masdar to continue Saeta's development as a leading independent renewable energy producer in Iberia.
The acquisition is expected to close around the end of 2024, pending customary approvals.
