Masdar is supporting the delivery of the UAE Consensus ratified at Cop28 and further accelerating its ambitious growth plans.
Masdar, a clean energy company in Abu Dhabi has signed a definitive deal to fully acquire Saeta Yield which is a Spanish renewable energy company. The deal is signed between Masdar and Brookfield Renewables and its institutional partners.
The transaction is expected to close towards the end of this year while the deal has an implied enterprise value of $1.3 billion. The clean energy company, Masdar is known to be investing Dh2.8 billion ($762.4 million) in the Seata deal. In a filing to the Abu Dhabi Securities Exchange the National Energy Company of Abu Dhabi, Taqa confirmed the following. Taqa is said to own 43% stake in Masdar.
Saeta is an independent developer, owner, and operator of renewable energy assets. The proposed sale includes a portfolio of 745 megawatts of mostly wind assets. 538MW of wind assets in Spain, 144MW of wind assets in Portugal, 63MW of solar PV assets in Spain, and a 1.6-gigawatt development pipeline.
Dr. Sultan Al Jaber is the Minister of Industry and Advanced Technology, also the Chairman of Masdar said the company is focused on boosting the delivery of clean energy capacity across Europe and the Iberian Peninsula. This deal with Seata proves to be a landmark and helps in building a strong growth story for Masdar. Further unlocking new capacities and demonstrating a strong dedication to the EU’s wider net zero by 2050 target, he added.
According to the Chairman, Masdar is supporting the delivery of the UAE Consensus ratified at Cop28 and further accelerating its ambitious growth plans. The company is doing so in order to triple the capacity of renewable energy by 2030 as a vision of enabling an equitable and orderly energy transition.
The mutual agreement is said to be one of the largest renewable energy deals of Spain which also marks a prominent position of Masdar in the country which is known as one of the largest renewable markets in Europe.
The current transaction follows Masdar’s announcement in July of a $887 million investment to acquire approximately 50% of Spanish utility Endesa’s solar energy holdings. Under the terms of the €1.7 billion deal, Masdar will become a partner in 2.5 gigawatts of renewable energy assets in Spain, subject to regulatory approvals.
As a push to largely grow its geographical footprint in order to achieve its aim of a capacity of 100 gigawatts by 2030, the Abu Dhabi clean energy company is rapidly growing its presence in Europe.
In the past quarters the company has been largely investing back to back specially in Europe to maintain and grow its position stronger. This significantly resulted in picking up pace in the adoption of clean energy in recent years to achieve its new-zero targets by 2050.
An agreement was signed by Masdar in June to take over Greece’s Terna Energy for an enterprise value of €3.2 billion. This was known as to be the largest energy transaction on the Athens Stock Exchange.
Prior to this deal, in March, Spain’s Iberdrola and Masdar reached an agreement on a financial close on the 476MW Baltic Eagle offshore wind project. The project is located in the Baltic Sea which is off the Coast of Germany.
One of Masdar’s current projects in Spain is the 1.2 gigawatt Almenara solar photovoltaic project, which is presently being developed in the Castilla La Mancha region. Brookfield will retain and continue to operate a regulated portfolio of 350MW of concentrated solar power assets which was excluded in the deal with Seata Yield.
Adnoc, Mubadala Investment Company and Adnoc jointly own Masdar which is active and run in 40 countries. At present the company generates up to 20 gigawatts of renewable energy.
The €144 million non-recourse project finance was achieved through UniCredit, Erste Group, and Erste Bank Serbia, according to Masdar, and is a “testament to the feasibility and viability of renewable energy projects in Serbia”.