Emirati renewables company Masdar on Tuesday announced the proposed acquisition of Spanish firm Saeta Yield from Canadian Brookfield for $1.4 billion.
The transaction consists of a portfolio of 745 megawatts (MW) of predominantly wind assets, according to the statement.
538 MW of wind assets are located in Spain, 144 MW in Portugal with 63 MW solar PV assets in Spain. About 1.6 gigawatt (GW) of projects are under development in various regions.
Closing of the transaction, subject to customary approvals, is expected to occur around the end of 2024, the Emirati company said in a statement.
Meanwhile, Brookfield will continue to own and operate its 350 MW concentrated solar power assets, the statement added.
As one of Spain's largest renewable energy transactions, the deal strengthens Masdar's foothold in one of Europe's biggest renewable markets, the statement said.
The agreement underscores Masdar's dedication to driving the energy transition in Spain, Portugal, and across Europe, while advancing its regional growth strategy toward achieving a global capacity of 100 GW by 2030.
The company is committed to accelerating the delivery of clean energy capacity across the Iberian Peninsula and Europe, Sultan Al Jaber, UAE minister of industry and advanced technology and chairman of Masdar plus COP28 President, said.
'Matching words with actions, Masdar is further accelerating its ambitious growth plans, as well as supporting the delivery of the UAE Consensus ratified at COP28, to triple renewable energy capacity by 2030, enabling a just, orderly and equitable energy transition,' he added.
By Handan Kazanci
Anadolu Agency
energy@aa.com.tr