UAE’s Masdar, also known as Abu Dhabi Future Energy Company, announced on Tuesday its agreement to acquire green energy firm Saeta Yield from Canada’s Brookfield for AED 1.4B (EUR 1.2B).
The acquisition includes a portfolio of 745 megawatts (MW) primarily from wind assets—comprising 538 MW in Spain, 144 MW in Portugal, and 63 MW of solar photovoltaic (PV) assets in Spain. Additionally, it features a development pipeline of 1.6 gigawatts (GW). However, the deal excludes 350 MW of concentrated solar thermal plants controlled by Saeta, which will remain under Brookfield’s ownership.
Masdar stated that this agreement underscores its commitment to expediting the energy transition in Spain, Portugal, and Europe, while advancing its growth objectives in the region, aiming for a global capacity of 100 GW by 2030. This marks Masdar’s second significant green energy deal in Spain in recent months, a major market for wind and solar. It follows a deal for a minority stake in 48 solar plants managed by Endesa, a subsidiary of Italy’s Enel, valued at AED 817M.
Mohamed Jameel Al Ramahi, CEO of Masdar, noted that the operational capacity of 745 MW and the 1.6 GW development pipeline in Spain and Portugal make Saeta a perfect fit for Masdar’s European portfolio. He added that the acquisition consolidates Masdar’s presence in the Iberian market with a well-established renewable platform.
The transaction is expected to close by the end of the year, pending standard approvals. Meanwhile, Masdar, backed by TAQA, ADNOC, and Mubadala, is exploring more opportunities in Europe’s green energy sector, open to both minority and controlling stakes. The company has invested in various renewable projects globally, targeting a capacity of 100 GW by 2030.
