FOR EXTERNAL USE
Masdar to Acquire Saeta from
Brookfield for $1.4 Billion
·
As an
established renewables platform equipped with end-to-end
capabilities and strong growth opportunities, Saeta strengthens
Masdar's footprint in the Iberian Peninsula
·
Successful
execution of Brookfield's business plan resulted in significant
value creation and growth of Saeta
·
The transaction
would see Masdar acquire a portfolio of 745MW of predominantly wind
assets, and a 1.6GW development pipeline in Spain and
Portugal
·
Deal advances
Masdar's growth plans in the region, representing one of Spain and
Portugal's largest renewable energy transactions, as the company
targets global capacity of 100GW by 2030
ABU
DHABI, UAE & MADRID, Spain - Sept 24, 2024
- Abu Dhabi Future Energy Company PJSC - Masdar
("Masdar"), the UAE's clean energy powerhouse, today announced the
proposed acquisition of Saeta Yield ("Saeta") from Brookfield
Renewable (NYSE: BEP, BEPC; TSX: BEP.UN, BEPC), together with its
institutional partners ("Brookfield"), for an implied enterprise
value of c. US$1.4 billion (€1.2 billion). Closing of the
transaction is subject to customary approvals and is expected to
occur around the end of 2024.
Saeta is a leading independent
developer, owner and operator of renewable power assets with
capabilities across the entire value-chain. The transaction
consists of a portfolio of 745 megawatts (MW) of predominantly wind
assets - 538MW of wind assets in Spain, 144MW of wind assets in
Portugal and 63MW solar PV assets in Spain - and includes a 1.6
gigawatt (GW) development pipeline. The transaction excludes a
regulated portfolio of 350MW of concentrated solar power assets,
which Brookfield will retain and continue to operate.
Since acquiring the business in
2018, Brookfield has worked closely with Saeta's management team to
successfully execute a business plan focused on divesting non-core
assets, optimizing its capital structure, and positioning the
business for growth through hybridization, repowering, greenfield
development and accretive tuck-in opportunities. The sale is in
line with Brookfield Renewable's asset rotation strategy to recycle
capital to fund growth activities.
Representing one of Spain's largest
renewable energy transactions, the deal further cements Masdar's
position in the country, in one of Europe's largest renewable
markets. The deal demonstrates Masdar's 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. Recently, Masdar also announced an
agreement with Endesa to become a partner for 2.5GW of renewable
energy assets in Spain, subject to regulatory approvals and other
conditions.
- ENDS -