UAE-based Masdar is set to pay $1.4 billion (€1.2 billion) to buy Spanish renewables developer Saeta Yield from Canada's Brookfield Renewables.
The deal will see Masdar acquire Seata’s portfolio of 745MW of predominantly wind assets – 538MW of wind assets in Spain, and 144MW of wind power capacity in Portugal, as well as 63MW of solar PV assets in Spain.
It will also see Masdar acquire a 1.6GW development pipeline across Spain and Portugal.
The deal is expected to close by the end of 2024.
Representing one of Spain’s largest renewable energy transactions, the deal further cements Masdar’s position in the country.
Masdar said it also demenstrates its’ commitment to accelerating the energy transition in Spain, Portugal and Europe, and advances its growth plans in the region as the company targets global capacity of 100GW by 2030.
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