Masdar Expands RE Portfolio with USD 762 Mn Acquisition of Saeta Yield
Masdar, Abu Dhabi's clean energy company, has signed a USD 762 million deal to fully acquire Spain’s Saeta Yield. The acquisition adds 745 MW of renewable energy assets, accelerating Masdar's growth and supporting the UAE's clean energy goals.
September 26, 2024. By EI News Network
The deal, valued at USD 762 million (Dh2.8 billion), marks a significant step in Masdar’s efforts to strengthen its renewable energy capacity in Europe and beyond. The acquisition is being made from Brookfield Renewables and its institutional partners, and the transaction is expected to close by the end of this year.
The acquisition gives Masdar control of a portfolio comprising 745 MW of renewable energy assets, primarily wind energy. The assets include 538 MW of wind capacity in Spain, 144 MW of wind in Portugal, and 63 MW of solar photovoltaic (PV) assets in Spain. Additionally, Saeta Yield has a 1.6 GW development pipeline, which further enhances Masdar's future renewable energy potential in Europe.
Dr. Sultan Al Jaber, Minister of Industry and Advanced Technology and Chairman of Masdar, emphasised the significance of the deal, calling it a 'landmark acquisition' for the company. According to Al Jaber, this acquisition will help Masdar significantly expand its renewable energy footprint in Europe, especially across the Iberian Peninsula, and aligns with the company's goal to support the European Union’s target of achieving net-zero emissions by 2050. The deal also underpins the UAE's climate ambitions, particularly those ratified at COP28, which aim to triple the country's renewable energy capacity by 2030.
Al Jaber added, “This acquisition not only builds on our strong growth story but also reinforces our commitment to delivering clean energy solutions and contributing to the global energy transition. It also helps in unlocking new capacities in key renewable markets.”
Masdar has been on a strategic expansion spree in Europe to solidify its position as a global leader in renewable energy. In July, the company announced a USD 887 million investment to acquire nearly 50 percent of Spanish utility Endesa’s solar energy portfolio, adding 2.5 GW of renewable assets to its portfolio. This deal is subject to regulatory approvals. Additionally, Masdar has undertaken major renewable energy projects across Europe, including the 1.2 GW Almenara solar PV project in Spain’s Castilla La Mancha region.
Earlier in 2024, Masdar entered into a EUR 3.2 billion agreement to acquire Greece’s Terna Energy, marking the largest renewable energy transaction on the Athens Stock Exchange. Masdar is also a partner in Spain’s 476 MW Baltic Eagle offshore wind project, located in the Baltic Sea off the German coast, through a joint venture with Iberdrola.
The acquisition of Saeta Yield is part of Masdar’s broader strategy to expand its renewable energy capacity to 100 gigawatts by 2030. The company is active in over 40 countries and currently generates 20 GW of renewable energy globally. Jointly owned by Adnoc, Mubadala Investment Company, and Abu Dhabi National Energy Company (Taqa), Masdar is playing a crucial role in the UAE’s efforts to diversify its energy sources and lead the transition to a low-carbon economy.
As part of the Saeta Yield deal, Brookfield Renewables will retain a regulated portfolio of 350 MW of concentrated solar power assets that were not included in the transaction.
The acquisition underscores Masdar’s ongoing commitment to becoming a leader in the global renewable energy sector and its determination to meet ambitious targets for net-zero emissions by 2050.
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