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Masdar completes EUR 1.2 bn acquisition of Saeta: Renewables giant Masdar has completed its acquisition of Spanish renewables firm Saeta Yield from Brookfield Renewable, an affiliate of Canada-based investment firm Brookfield, for EUR 1.2 bn, according to a Friday press release. The acquisition adds a 1.6 GW renewables pipeline to Masdar’s portfolio.
More details: Saeta will also come with an operating portfolio of 745 MW, including 538 MW and 144 MW wind assets in Spain and Portugal, respectively, and 63 MW solar PV assets in Spain. The acquisition excludes a 350 MW portfolio of concentrated solar power assets Brookfield will retain and continue to operate.
This is the second Spanish acquisition for Masdar this year, with the renewables firm saying in September it is “ very keen on the Spanish market” and that it is looking to expand in the country through new acquisitions. In July, Masdar agreed to acquire a 50% stake in Spanish power firm Endesa’s solar power installations subsidiary EPGE Solar for AED 3.3 bn (c. EUR 818 mn). The acquisition will make Masdar a partner in 2.5 GW of renewable energy assets in Spain with the transaction set to close in 4Q 2024.
The company is expanding in Europe more broadly as part of its plan to reach its 100 GW target for global capacity by 2030. It also finalized the acquisition of a 70% stake in Greece’s Terna Energy last month.
There’s more planned: Masdar — along with the Abu Dhabi Investment Authority (Adia), the Canada Pension Plan Investment Board, and founder Sumant Sinha — submitted a bid to take
Nasdaq-listed Indian clean energy firm Renew Energy Global private. The group — which collectively owns 64% of the company — is offering to purchase Renew Energy at USD 7.07 per share, representing an 11.5% premium to the stock’s last close. The offer values the company at USD 2.82 bn, and would see Japan’s Jera, which owned 11.7% of Class A shares in the company, exit the firm.
