Masdar to acquire Saeta for $1.4b

This will be finalised by the end of 2024.

Abu Dhabi-based energy firm Masdar has finalised the deal to take over independent renewable energy developer Saeta Yield from Brookfield Renewable for $1.4b.

In a statement, Masdar said the transaction covers 745 megawatts of predominantly wind assets, as well as a 1.6 gigawatt (GW) development pipeline. This does not include  the regulated portfolio of 350 MW of concentrated solar power assets, which Brookfield will retain and continue to operate.

The sale, which is one of the largest in Spain, is in line with Brookfield’s asset rotation strategy to recycle capital to fund growth activities. This also aligns with Masdar's commitment to accelerating the energy transition in Europe as it aims for 100 GW of global capacity by 2030. 

The deal is expected to be finalised by the end of 2024, pending necessary approvals.