ABU DHABI/MADRID - Masdar, Abu Dhabi's flagship renewable energy company, has completed the acquisition of Saeta Yield, a renewable energy firm with a significant presence in Spain and Portugal. The deal, which closed on December 20, 2024, is valued at 1.2 billion euros, encompassing an operating portfolio of 745 megawatts (MW) and a 1.6 gigawatt (GW) development pipeline.
The acquisition from Brookfield Renewable Partners (NYSE:BEP) (NYSE: BEP, BEPC; TSX: BEP.UN, BEPC) includes 538MW of wind assets in Spain, 144MW in Portugal, and 63MW of solar photovoltaic (PV) assets in Spain. This strategic move is aimed at bolstering Masdar's position in the Iberian Peninsula and aligns with its ambition to achieve a global capacity of 100GW by 2030.
Masdar's expansion into the European renewable energy market through Saeta's established platform is indicative of the company's commitment to the energy transition in the region. The addition of Saeta's assets is expected to enhance Masdar's renewable energy footprint and contribute to its growth objectives.
The information reported is based on a press release statement.
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