Masdar finalizes Saeta acquisition: UAE renewables giant Masdar will acquire Spanish renewable energy firm Saeta Yield from Brookfield Renewable, an affiliate of Canada-based investment firm Brookfield for USD 1.4 bn, according to a press release (pdf). The transaction is expected to close by the end of the year, pending approvals.

The details: Masdar will acquire a 745 MW portfolio including 538 MW worth of wind assets and 63 MW worth of solar PV assets in Spain, and 144 MW worth of wind assets in Portugal. The portfolio also includes a 1.6 GW development pipeline.

What’s not part of the agreement: The acquisition agreement excludes a 350 MW portfolio of concentrated solar power assets which Brookfield will retain and continue to operate, the statement notes.

Later than expected: Masdar was reportedly preparing to finalize its proposed acquisition of Saeta Yield from this month, sources with knowledge of the transaction revealed Monday.

A busy quarter for Masdar: The company 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) back in July. 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. An MoU with Endesa was also signed at the time to potentially develop an additional 3 GW of solar capacity, CFO Mazin Khan said, without providing further details.

Masdar is expanding its renewables portfolio in Europe: The company is expanding its focus on Europe's green energy sector with the continent set to be a crucial part of its plan to reach its 100 GW target capacity by 2030, Khan said in July. Masdar and Finnish renewables investment firm Taaleri just reached financial close on the second phase of the 154 MW Čibuk 2 onshore wind farm in Serbia earlier this week.

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