Masdar to Acquire Saeta from Brookfield for $1.4 Billion
Masdar, a UAE-based clean energy company, announced its proposed acquisition of Saeta Yield from Brookfield Renewable for $1.4 billion. Saeta, an independent developer of renewable power assets, will add 745 MW of wind and solar assets and a 1.6 GW development pipeline in Spain and Portugal to Masdar's portfolio. This acquisition aligns with Masdar's goal to achieve 100 GW of global capacity by 2030. The transaction, one of the largest renewable energy deals in Spain and Portugal, is subject to customary approvals and expected to close by the end of 2024. Brookfield will retain a regulated portfolio of 350 MW of concentrated solar power assets. The sale supports Brookfield's asset rotation strategy to fund growth activities. Masdar's acquisition demonstrates its commitment to accelerating the energy transition in Europe, complementing its recent partnership with Endesa for 2.5 GW of renewable energy assets in Spain.
Masdar, un'azienda di energia pulita con sede negli Emirati Arabi Uniti, ha annunciato la sua proposta di acquisizione di Saeta Yield da Brookfield Renewable per 1,4 miliardi di dollari. Saeta, sviluppatore indipendente di attivi energetici rinnovabili, aggiunger脿 745 MW di attivi eolici e solari e un pipeline di sviluppo di 1,6 GW in Spagna e Portogallo al portafoglio di Masdar. Questa acquisizione 猫 in linea con l'obiettivo di Masdar di raggiungere 100 GW di capacit脿 globale entro il 2030. La transazione, una delle pi霉 grandi operazioni di energia rinnovabile in Spagna e Portogallo, 猫 soggetta ad approvazioni consuete e si prevede si chiuda entro la fine del 2024. Brookfield manterr脿 un portafoglio regolato di 350 MW di attivi di energia solare concentrata. La vendita supporta la strategia di rotazione degli attivi di Brookfield per finanziare attivit脿 di crescita. L'acquisizione da parte di Masdar dimostra il suo impegno nel accelerare la transizione energetica in Europa, completando la sua recente partnership con Endesa per 2,5 GW di attivi energetici rinnovabili in Spagna.
Masdar, una empresa de energ铆a limpia con sede en los Emiratos 脕rabes Unidos, anunci贸 su propuesta de adquisici贸n de Saeta Yield de Brookfield Renewable por 1.4 mil millones de d贸lares. Saeta, un desarrollador independiente de activos de energ铆a renovable, a帽adir谩 745 MW de activos e贸licos y solares y un pipeline de desarrollo de 1.6 GW en Espa帽a y Portugal al portafolio de Masdar. Esta adquisici贸n est谩 alineada con el objetivo de Masdar de alcanzar 100 GW de capacidad global para 2030. La transacci贸n, una de las m谩s grandes en el sector de energ铆a renovable en Espa帽a y Portugal, est谩 sujeta a aprobaciones habituales y se espera que se cierre a finales de 2024. Brookfield mantendr谩 un portafolio regulado de 350 MW de activos de energ铆a solar concentrada. La venta respalda la estrategia de rotaci贸n de activos de Brookfield para financiar actividades de crecimiento. La adquisici贸n de Masdar demuestra su compromiso con acelerar la transici贸n energ茅tica en Europa, complementando su reciente asociaci贸n con Endesa para 2.5 GW de activos de energ铆a renovable en Espa帽a.
鞎勲瀺鞐愲毽姼鞐 氤胳偓毳 霊 觳爼 鞐愲剤歆 旮办梾鞚 毵堨姢雼るゴ(Masdar)臧 敫岆）頃勲摐 鞛儩 鞐愲剤歆(Brookfield Renewable)搿滊秬韯 靷棎韮 鞎检澕霌(Saeta Yield)毳 14鞏 雼煬鞐 鞚胳垬頃橁赴搿 頃橁矤雼る姅 瓿勴殟鞚 氚滍憸頄堨姷雼堧嫟. 霃呺鞝侅澑 鞛儩 臧電 鞐愲剤歆 鞛愳偘 臧滊皽鞐呾泊鞚 靷棎韮電 毵堨姢雼るゴ鞚 韽姼韽措Μ鞓れ棎 鞀ろ帢鞚戈臣 韽ゴ韴皥鞐 745MW鞚 頀嶋牓 氚 韮滌枒甏 鞛愳偘瓿 1.6GW鞚 臧滊皽 韺岇澊頂勲澕鞚胳潉 於旉皜頃 瓴冹瀰雼堧嫟. 鞚 鞚胳垬電 2030雲勱箤歆 靹戈硠 鞖╇焿 100GW 雼劚鞚 氇╉憸搿 頃橂姅 毵堨姢雼るゴ鞚 氇╉憸鞕 鞚检箻頃╇媹雼. 鞚措矆 瓯半灅電 鞀ろ帢鞚戈臣 韽ゴ韴皥鞐愳劀 鞚措（鞏挫電 臧鞛 韥 鞛儩 鞐愲剤歆 瓯半灅 欷 頃橂倶搿, 甏搿鞝侅澑 鞀轨澑鞚 氚涭晞鞎 頃橂┌ 2024雲 毵愱箤歆 毵堧毽悹 鞓堨爼鞛呺媹雼. 敫岆）頃勲摐電 350MW鞚 歆戩順 韮滌枒甏 鞛愳偘鞙茧 甑劚霅 攴滌牅 韽姼韽措Μ鞓るゼ 鞙犾頃 瓴冹瀰雼堧嫟. 鞚措矆 毵り皝鞚 敫岆）頃勲摐鞚 鞛愳偘 須岇爠 鞝勲灥鞚 歆鞗愴晿鞐 靹膘灔 頇滊彊鞐 鞛愱笀鞚 臁半嫭頃╇媹雼. 毵堨姢雼るゴ鞚 鞚胳垬電 鞙犽熃鞐愳劀鞚 鞐愲剤歆 鞝勴櫂 臧靻嶍檾毳 鞙勴暅 鞚橃毳 氤挫棳欤茧┌, 鞀ろ帢鞚胳棎靹 2.5GW鞚 鞛儩 臧電 鞐愲剤歆 鞛愳偘鞚 鞙勴暣 鞐旊嵃靷(Endesa)鞕鞚 斓滉芳 韺岉姼雱堨嫮鞚 氤挫檮頃╇媹雼.
Masdar, une entreprise d'茅nergie renouvelable bas茅e aux 脡mirats arabes unis, a annonc茅 son projet d'acquisition de Saeta Yield aupr猫s de Brookfield Renewable pour 1,4 milliard de dollars. Saeta, un d茅veloppeur ind茅pendant d'actifs d'茅nergie renouvelable, ajoutera 745 MW d'actifs 茅oliens et solaires ainsi qu'un pipeline de d茅veloppement de 1,6 GW en Espagne et au Portugal au portefeuille de Masdar. Cette acquisition s'inscrit dans l'objectif de Masdar d'atteindre 100 GW de capacit茅 mondiale d'ici 2030. La transaction, l'une des plus importantes op茅rations dans le secteur de l'茅nergie renouvelable en Espagne et au Portugal, est soumise 脿 des approbations habituelles et devrait se conclure d'ici fin 2024. Brookfield conservera un portefeuille r茅gul茅 de 350 MW d'actifs solaires concentr茅s. La vente soutient la strat茅gie de rotation des actifs de Brookfield pour financer des activit茅s de croissance. L'acquisition par Masdar d茅montre son engagement 脿 acc茅l茅rer la transition 茅nerg茅tique en Europe, compl茅tant son r茅cent partenariat avec Endesa pour 2,5 GW d'actifs d'茅nergie renouvelable en Espagne.
Masdar, ein in den Vereinigten Arabischen Emiraten ans盲ssiges Unternehmen f眉r erneuerbare Energien, hat seine geplante 脺bernahme von Saeta Yield von Brookfield Renewable f眉r 1,4 Milliarden US-Dollar bekannt gegeben. Saeta, ein unabh盲ngiger Entwickler von Anlagen f眉r erneuerbare Energien, wird Masdars Portfolio um 745 MW an Wind- und Solaranlagen sowie um eine Entwicklungspipeline von 1,6 GW in Spanien und Portugal erweitern. Diese 脺bernahme steht im Einklang mit Masdars Ziel, bis 2030 eine globale Kapazit盲t von 100 GW zu erreichen. Die Transaktion, eine der gr枚脽ten Deals im Bereich erneuerbare Energien in Spanien und Portugal, steht unter dem Vorbehalt 眉blicher Genehmigungen und soll bis Ende 2024 abgeschlossen werden. Brookfield wird ein reguliertes Portfolio von 350 MW an konzentrierten Solarenergieanlagen behalten. Der Verkauf unterst眉tzt die Strategie von Brookfield zur Verm枚gensrotation zur Finanzierung von Wachstumsaktivit盲ten. Die 脺bernahme von Masdar zeigt das Engagement des Unternehmens zur Beschleunigung der Energiewende in Europa und erg盲nzt die k眉rzliche Partnerschaft mit Endesa f眉r 2,5 GW an erneuerbaren Energieanlagen in Spanien.
- Masdar's acquisition of Saeta for $1.4 billion strengthens its footprint in Iberia.
- The deal adds 745 MW of wind and solar assets and a 1.6 GW development pipeline.
- Supports Masdar's goal to reach 100 GW of global capacity by 2030.
- One of the largest renewable energy transactions in Spain and Portugal.
- Brookfield's successful business plan execution led to significant value creation.
- The transaction is subject to customary approvals, which could delay closing.
Insights
This
For Brookfield Renewable (BEP), this sale represents a successful execution of their asset rotation strategy. They've added value to Saeta since acquiring it in 2018 through optimizing its capital structure and positioning it for growth. The transaction allows Brookfield to recycle capital for new growth opportunities.
Investors should note that this deal strengthens Masdar's position in the Iberian market, which is important for Europe's renewable energy landscape. The retention of the 350 MW concentrated solar power assets by Brookfield indicates a strategic focus on specific technologies within their portfolio.
The transaction's impact on BEP's financials will be important to monitor, as it may provide significant capital for reinvestment and potentially impact near-term earnings.
This acquisition marks a significant shift in the Iberian renewable energy landscape. The 745 MW operational portfolio, predominantly wind assets, provides Masdar with immediate market presence. More importantly, the 1.6 GW development pipeline offers substantial growth potential in a region critical to Europe's energy transition.
The deal highlights the growing interest in established renewable platforms with end-to-end capabilities. Saeta's expertise across the value chain, from development to operation, is a valuable asset in the competitive renewable sector. This vertical integration can lead to cost efficiencies and improved project execution.
For the industry, this transaction underscores the trend of consolidation and the increasing role of well-capitalized players in driving the energy transition. Masdar's expansion aligns with the global push to triple renewable energy capacity by 2030, as emphasized in the UAE Consensus at COP28.
The retention of concentrated solar power assets by Brookfield suggests a strategic focus on diversified technology portfolios, which could become a trend as companies optimize their renewable mix.
- As an established renewables platform equipped with end-to-end capabilities and strong growth opportunities, Saeta strengthens Masdar鈥檚 footprint in the Iberian Peninsula
- Successful execution of Brookfield鈥檚 business plan resulted in significant value creation and growth of Saeta
- The transaction would see Masdar acquire a portfolio of 745 MW of predominantly wind assets, and a 1.6 GW development pipeline in Spain and Portugal
- Deal advances Masdar鈥檚 growth plans in the region, representing one of Spain and Portugal鈥檚 largest renewable energy transactions, as the company targets global capacity of 100 GW by 2030
ABU DHABI, United Arab Emirates and MADRID, Sept. 24, 2024 (GLOBE NEWSWIRE) -- Abu Dhabi Future Energy Company PJSC - Masdar (鈥淢asdar鈥), the UAE鈥檚 clean energy powerhouse, today announced the proposed acquisition of Saeta Yield (鈥淪aeta鈥) from Brookfield Renewable (NYSE: BEP, BEPC; TSX: BEP.UN, BEPC), together with its institutional partners (鈥淏rookfield鈥), for an implied enterprise value of c.
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 鈥 538 MW of wind assets in Spain, 144 MW of wind assets in Portugal and 63 MW solar PV assets in Spain 鈥 and includes a 1.6 gigawatt (GW) development pipeline. The transaction excludes a regulated portfolio of 350 MW 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鈥檚 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鈥檚 asset rotation strategy to recycle capital to fund growth activities.
Representing one of Spain鈥檚 largest renewable energy transactions, the deal further cements Masdar鈥檚 position in the country, in one of Europe鈥檚 largest renewable markets. The deal demonstrates Masdar鈥檚 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 100 GW by 2030. Recently, Masdar also announced an agreement with Endesa to become a partner for 2.5 GW of renewable energy assets in Spain, subject to regulatory approvals and other conditions.
HE Dr Sultan Al Jaber, UAE Minister of Industry and Advanced Technology, Chairman of Masdar and COP28 President, said:
鈥淢asdar is committed to accelerating the delivery of clean energy capacity across the Iberian Peninsula and Europe. Representing one of Spain鈥檚 largest renewable energy transactions, this landmark deal with Brookfield Renewable builds on Masdar鈥檚 strong growth story, demonstrating our commitment to the EU鈥檚 wider net zero by 2050 target and unlocking new capacity. Matching words with actions, Masdar is further accelerating its ambitious growth plans, as well as supporting the delivery of the UAE Consensus ratified at COP28, to triple renewable energy capacity by 2030, enabling a just, orderly and equitable energy transition.鈥
Mark Carney, Chair and Head of Transition Investing at Brookfield, said: 鈥淲e are thrilled to conclude this important transaction with Masdar. As global leaders in clean energy development, Brookfield and Masdar will continue to be important players to accelerate the journey towards a net-zero economy.鈥
Mohamed Jameel Al Ramahi, Chief Executive Officer of Masdar, added:
鈥淲ith an operating capacity of 745 MW of predominantly wind assets, and a 1.6 GW development pipeline in Spain and Portugal, Saeta is a perfect complement to Masdar鈥檚 portfolio in Europe, following our recent partnership with Endesa for 2.5 GW of solar energy. This deal consolidates our footprint in the Iberian market by acquiring a well-established renewable platform, with a strong operational portfolio and management team, and tangible near-term and long-term growth opportunities, supporting Masdar鈥檚 expansion plans to reach 100 GW by 2030.鈥
Connor Teskey, Chief Executive Officer of Brookfield Renewable Partners, commented:
鈥淲e are pleased to have successfully supported Saeta throughout our ownership, having worked closely with the business to scale and optimize its renewable portfolio across Iberia. The company has a strong development pipeline and a top-tier management team, and is well positioned to continue delivering incremental renewable energy to the region over the coming years under Masdar鈥檚 sponsorship.鈥
脕lvaro P茅rez de Lema, Chief Executive Officer of Saeta, said:
鈥淎fter more than six years of successful and profitable growth with Brookfield, we are very excited to open a new chapter in Saeta鈥檚 history with the arrival of Masdar as the new controlling shareholder. We look forward to working with Masdar to take Saeta to the next phase of its growth story, further consolidating its leadership position as an independent producer of renewable energy in Iberia.鈥
Advisors:
Masdar has retained聽Citigroup Global Markets Limited聽as its transaction advisor, Linklaters as legal advisor, UL as technical advisor and KPMG as its financial and tax advisor.
Brookfield retained Santander and Soci茅t茅 G茅n茅rale as its transaction advisors, Ur铆a Men茅ndez as legal advisor, G-Advisory as technical advisor and KPMG as its tax advisor.
About Masdar
Masdar (Abu Dhabi Future Energy Company) is one of the world鈥檚 fastest-growing renewable energy companies. As a global clean energy pioneer, Masdar is advancing the development and deployment of solar, wind, geothermal, battery storage and green hydrogen technologies to accelerate the energy transition and help the world meet its net-zero ambitions. Established in 2006, Masdar has developed and invested in projects in over 40 countries with a combined capacity of over 20 gigawatts (GW), providing affordable clean energy access to those who need it most and helping to power a more sustainable future.
Masdar is jointly owned by TAQA, ADNOC, and Mubadala, and is targeting a renewable energy portfolio capacity of 100 GW by 2030 while aiming to be a leading producer of green hydrogen by the same year.
Brookfield Renewable
Brookfield Renewable operates one of the world鈥檚 largest publicly traded platforms for renewable power and sustainable solutions. Our renewable power portfolio consists of hydroelectric, wind, utility-scale solar and storage facilities in North America, South America, Europe and Asia. Our operating capacity totals over 34,000 megawatts and our development pipeline stands at approximately 200,000 megawatts. Our portfolio of sustainable solutions assets includes our investments in Westinghouse (a leading global nuclear services business) and a utility and independent power producer with operations in the Caribbean and Latin America, as well as both operating assets and a development pipeline of carbon capture and storage capacity, agricultural renewable natural gas and materials recycling.
Brookfield Renewable is the flagship listed renewable power and transition company of Brookfield Asset Management, a leading global alternative asset manager with approximately
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Cautionary Statement Regarding Forward-looking Statements
This news release contains forward-looking statements and information within the meaning of applicable securities laws. Forward-looking statements may include estimates, plans, expectations, opinions, forecasts, projections, guidance or other statements that are not statements of fact. Forward-looking statements can be identified by the use of words such as 鈥渨ill鈥, 鈥渆xpected鈥, 鈥渋ntend鈥, 鈥減otential鈥, 鈥渃an鈥 or variations of such words and phrases. Forward-looking statements in this news release include statements regarding the parties鈥 future expectations, beliefs, plans, objectives, financial condition, assumptions or future events or performance. Although Brookfield Renewable believes that such forward-looking statements and information are based upon reasonable assumptions and expectations, no assurance is given that such expectations will prove to have been correct. The reader should not place undue reliance on forward-looking statements and information as such statements and information involve known and unknown risks, uncertainties and other factors, including the ability of the parties to realize the expected benefits of the transaction, which may cause the actual results, performance or achievements of Brookfield Renewable to differ materially from anticipated future results, performance or achievement expressed or implied by such forward-looking statements and information.
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