Masdar is eyeing a stake in Spain’s Saeta Yield: UAE’s renewables giant Masdar is reportedly set to submit a final bid to acquire Brookfield’s Spanish renewables firm Saeta Yield next week, Spanish news outlet Cinco Dias reported on Friday. China Three Gorges, Engie and TotalEnergies are amongst the companies expected to compete with Masdar over the purchase. The company is currently valued at around EUR 1.7 bn.

The details: Saeta Yield — which Brookfield acquired from ACS for EUR 1 bn in 2018 — boasts a portfolio of 28 wind farms, 10 photovoltaic parks, and seven solar thermal plants across Spain and Portugal with a total capacity of 1.2 GW. The acquisition will include Brookfield’s renewables portfolio excluding the solar thermal plants. Brookfield — which started the sale process last December — hired Société Générale Group and Santander Bank.

The Chinese firm might be out of the running: While China Three Gorges has positioned itself as one of the leading contenders during the process, its intention to acquire only the assets in Spain has made its bid less attractive, the news outlet writes. The Chinese firm is looking to have the US-based asset management firm specialized in renewables energy Exus as an ally to keep the Portuguese projects.

Brookfield has bigger plans: Brookfield is aiming to raise USD 5 bn for the UAE-backed Catalytic Transition Fund (CTF) — which is anchored by a USD 1 bn commitment from Alterra fund set up by the UAE during COP28 — to boost climate finance in emerging markets as part of its first close before the end of the year. The firm is also among global asset managers earmarking bns of USD toward financing ventures in the energy efficiency sector.

Masdar is boosting its EU portfolio: Masdar reached a final agreement to purchase an initial 67% stake in Greece’s EUR 3.2 bn Terna Energy, with plans to present an all-cash, mandatory offer to buy the remaining stakes once the transaction is completed last week. The renewables giant reached financial close on EUR 488 mn in funding to secure its 49% acquisition of the 476 MW Baltic Eagle wind farm off the coast of Germany last week. Masdar is also eyeing an undisclosed stake in Turkish wind producer Fiba Yenilenebilir Enerji.

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