Masdar says $1.4bn Saeta swoop among largest ever Spanish green power deals

Abu Dhabi-based global green energy group Masdar has struck a deal worth $1.4bn to buy Spanish renewables developer Saeta Yield.

The acquisition from Brookfield Renewable – claimed to be one of Spain’s largest ever renewable energy transactions – will see Masdar take control of 745MW of mostly wind power operating assets, predominantly in Spain, and a 1.6GW development pipeline.

Masdar CEO Mohamed Jameel Al Ramahi said: “Saeta is a perfect complement to Masdar’s portfolio in Europe, following our recent partnership with Endesa for 2.5GW of solar energy. This deal consolidates our footprint in the Iberian market by acquiring a well-established renewable platform, with a strong operational portfolio and management team, and tangible near-term and long-term growth opportunities”.

The Saeta swoop is the latest in a string of acquisition and partnership deals by Masdar as it attempts to hit its goal to have 100GW of capacity under its wing by 2030.

The deal, expected to close around the end of the year subject to regulatory approvals, excludes 350MW of concentrated solar power assets which will stay with Brookfield.