Masdar closes Saeta acquisition: UAE’s renewables giant Masdar has completed its EUR 1.2 bn acquisition of Spanish renewables firm Saeta Yield from Brookfield Renewable, an affiliate of Canada-based investment firm Brookfield, according to a statement released on Friday. The deal adds a 1.6 GW renewables pipeline to Masdar’s portfolio.

What we know: Saeta has an operating portfolio of 745 MW worth of renewable energy projects including 538 MW and 144 MW wind assets in Spain and Portugal, and 63 MW worth of solar PV assets in Spain. Masdar’s acquisition will exclude a 350 MW portfolio of concentrated solar power assets Brookfield will retain and continue to operate. Saeta also has a 1.6 GW development pipeline in Spain and Portugal, the statement notes.

The Iberian Peninsula in focus: Masdar reached an agreement 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) last July. The acquisition made Masdar a partner in 2.5 GW of renewable energy assets in Spain with the transaction said to be set for closing 4Q 2024. An MoU with Endesa was also signed at the time to potentially develop an additional 3 GW of solar capacity. Masdar’s portfolio also includes a 1.2 GW solar plant in the Castilla La Mancha region of Spain.

Further expansion in Europe: Masdar is also expanding its wider focus on Europe's green energy sector as part of its plan to reach its 100 GW target for global capacity by 2030, including with acquisitions of 70% stake in Greece’s Terna Energy and a 50% stake in US’ Terra-Gen. It also reached financial close to secure its 49% acquisition of the 476 MW Baltic Eagle wind farm off the coast of Germany earlier in March and finalized the acquisition of a 49% stake in the UK’s 3 GW Dogger Bank South wind farm from German energy giant RWE.

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