Abu Dhabi Future Energy Co. PJSC, commonly known as Masdar, announced Tuesday that it has agreed to acquire green energy company Saeta Yield SA from Canada’s Brookfield Renewable Partners LP for $1.4 billion. The acquisition aims to bolster Masdar’s presence in Spain and Portugal as part of its growing renewable energy portfolio.
Masdar To Buy Saeta Yield : Strategic Expansion in Spain and Portugal
Masdar’s acquisition includes 38 megawatts (MW) of wind assets in Spain and 144 MW in Portugal, along with 63 MW of solar panel assets in Spain. Additionally, the deal includes the potential for developing a 1.6-gigawatt renewable energy project. This expansion aligns with Masdar’s broader strategy of increasing renewable energy capacity across Europe.
Ahmed Al Jaber, UAE minister of industry and advanced technology and chair of Masdar, emphasized that the deal cements Masdar’s standing in the European renewable energy market, which is a key component of the UAE’s plans to triple renewable energy capacity by 2030, as announced at COP28.
Funding and Legal Advisory Teams
Masdar will finance the deal using a combination of internal reserves and contributions from its shareholders. Legal advice for Masdar is being provided by Linklaters LLP, with M&A partner Esteban Arza leading the team. Citigroup Global Markets Ltd. serves as Masdar’s transaction adviser, with technical advice from UL and KPMG handling financial and tax matters.
