Masdar to Acquire Saeta from Brookfield for $1.4 Billion
Masdar, a UAE-based clean energy company, announced its proposed acquisition of Saeta Yield from Brookfield Renewable for $1.4 billion. Saeta, an independent developer of renewable power assets, will add 745 MW of wind and solar assets and a 1.6 GW development pipeline in Spain and Portugal to Masdar's portfolio. This acquisition aligns with Masdar's goal to achieve 100 GW of global capacity by 2030. The transaction, one of the largest renewable energy deals in Spain and Portugal, is subject to customary approvals and expected to close by the end of 2024. Brookfield will retain a regulated portfolio of 350 MW of concentrated solar power assets. The sale supports Brookfield's asset rotation strategy to fund growth activities. Masdar's acquisition demonstrates its commitment to accelerating the energy transition in Europe, complementing its recent partnership with Endesa for 2.5 GW of renewable energy assets in Spain.
Masdar, un'azienda di energia pulita con sede negli Emirati Arabi Uniti, ha annunciato la sua proposta di acquisizione di Saeta Yield da Brookfield Renewable per 1,4 miliardi di dollari. Saeta, sviluppatore indipendente di attivi energetici rinnovabili, aggiungerà 745 MW di attivi eolici e solari e un pipeline di sviluppo di 1,6 GW in Spagna e Portogallo al portafoglio di Masdar. Questa acquisizione è in linea con l'obiettivo di Masdar di raggiungere 100 GW di capacità globale entro il 2030. La transazione, una delle più grandi operazioni di energia rinnovabile in Spagna e Portogallo, è soggetta ad approvazioni consuete e si prevede si chiuda entro la fine del 2024. Brookfield manterrà un portafoglio regolato di 350 MW di attivi di energia solare concentrata. La vendita supporta la strategia di rotazione degli attivi di Brookfield per finanziare attività di crescita. L'acquisizione da parte di Masdar dimostra il suo impegno nel accelerare la transizione energetica in Europa, completando la sua recente partnership con Endesa per 2,5 GW di attivi energetici rinnovabili in Spagna.
Masdar, una empresa de energía limpia con sede en los Emiratos Árabes Unidos, anunció su propuesta de adquisición de Saeta Yield de Brookfield Renewable por 1.4 mil millones de dólares. Saeta, un desarrollador independiente de activos de energía renovable, añadirá 745 MW de activos eólicos y solares y un pipeline de desarrollo de 1.6 GW en España y Portugal al portafolio de Masdar. Esta adquisición está alineada con el objetivo de Masdar de alcanzar 100 GW de capacidad global para 2030. La transacción, una de las más grandes en el sector de energía renovable en España y Portugal, está sujeta a aprobaciones habituales y se espera que se cierre a finales de 2024. Brookfield mantendrá un portafolio regulado de 350 MW de activos de energía solar concentrada. La venta respalda la estrategia de rotación de activos de Brookfield para financiar actividades de crecimiento. La adquisición de Masdar demuestra su compromiso con acelerar la transición energética en Europa, complementando su reciente asociación con Endesa para 2.5 GW de activos de energía renovable en España.
아랍에미리트에 본사를 둔 청정 에너지 기업인 마스다르(Masdar)가 브룩필드 재생 에너지(Brookfield Renewable)로부터 사에타 야일드(Saeta Yield)를 14억 달러에 인수하기로 하겠다는 계획을 발표했습니다. 독립적인 재생 가능 에너지 자산 개발업체인 사에타는 마스다르의 포트폴리오에 스페인과 포르투갈에 745MW의 풍력 및 태양광 자산과 1.6GW의 개발 파이프라인을 추가할 것입니다. 이 인수는 2030년까지 세계 용량 100GW 달성을 목표로 하는 마스다르의 목표와 일치합니다. 이번 거래는 스페인과 포르투갈에서 이루어지는 가장 큰 재생 에너지 거래 중 하나로, 관례적인 승인을 받아야 하며 2024년 말까지 마무리될 예정입니다. 브룩필드는 350MW의 집중형 태양광 자산으로 구성된 규제 포트폴리오를 유지할 것입니다. 이번 매각은 브룩필드의 자산 회전 전략을 지원하여 성장 활동에 자금을 조달합니다. 마스다르의 인수는 유럽에서의 에너지 전환 가속화를 위한 의지를 보여주며, 스페인에서 2.5GW의 재생 가능 에너지 자산을 위해 엔데사(Endesa)와의 최근 파트너십을 보완합니다.
Masdar, une entreprise d'énergie renouvelable basée aux Émirats arabes unis, a annoncé son projet d'acquisition de Saeta Yield auprès de Brookfield Renewable pour 1,4 milliard de dollars. Saeta, un développeur indépendant d'actifs d'énergie renouvelable, ajoutera 745 MW d'actifs éoliens et solaires ainsi qu'un pipeline de développement de 1,6 GW en Espagne et au Portugal au portefeuille de Masdar. Cette acquisition s'inscrit dans l'objectif de Masdar d'atteindre 100 GW de capacité mondiale d'ici 2030. La transaction, l'une des plus importantes opérations dans le secteur de l'énergie renouvelable en Espagne et au Portugal, est soumise à des approbations habituelles et devrait se conclure d'ici fin 2024. Brookfield conservera un portefeuille régulé de 350 MW d'actifs solaires concentrés. La vente soutient la stratégie de rotation des actifs de Brookfield pour financer des activités de croissance. L'acquisition par Masdar démontre son engagement à accélérer la transition énergétique en Europe, complétant son récent partenariat avec Endesa pour 2,5 GW d'actifs d'énergie renouvelable en Espagne.
Masdar, ein in den Vereinigten Arabischen Emiraten ansässiges Unternehmen für erneuerbare Energien, hat seine geplante Übernahme von Saeta Yield von Brookfield Renewable für 1,4 Milliarden US-Dollar bekannt gegeben. Saeta, ein unabhängiger Entwickler von Anlagen für erneuerbare Energien, wird Masdars Portfolio um 745 MW an Wind- und Solaranlagen sowie um eine Entwicklungspipeline von 1,6 GW in Spanien und Portugal erweitern. Diese Übernahme steht im Einklang mit Masdars Ziel, bis 2030 eine globale Kapazität von 100 GW zu erreichen. Die Transaktion, eine der größten Deals im Bereich erneuerbare Energien in Spanien und Portugal, steht unter dem Vorbehalt üblicher Genehmigungen und soll bis Ende 2024 abgeschlossen werden. Brookfield wird ein reguliertes Portfolio von 350 MW an konzentrierten Solarenergieanlagen behalten. Der Verkauf unterstützt die Strategie von Brookfield zur Vermögensrotation zur Finanzierung von Wachstumsaktivitäten. Die Übernahme von Masdar zeigt das Engagement des Unternehmens zur Beschleunigung der Energiewende in Europa und ergänzt die kürzliche Partnerschaft mit Endesa für 2,5 GW an erneuerbaren Energieanlagen in Spanien.
- Masdar's acquisition of Saeta for $1.4 billion strengthens its footprint in Iberia.
- The deal adds 745 MW of wind and solar assets and a 1.6 GW development pipeline.
- Supports Masdar's goal to reach 100 GW of global capacity by 2030.
- One of the largest renewable energy transactions in Spain and Portugal.
- Brookfield's successful business plan execution led to significant value creation.
- The transaction is subject to customary approvals, which could delay closing.
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For Brookfield Renewable (BEP), this sale represents a successful execution of their asset rotation strategy. They've added value to Saeta since acquiring it in 2018 through optimizing its capital structure and positioning it for growth. The transaction allows Brookfield to recycle capital for new growth opportunities.
Investors should note that this deal strengthens Masdar's position in the Iberian market, which is important for Europe's renewable energy landscape. The retention of the 350 MW concentrated solar power assets by Brookfield indicates a strategic focus on specific technologies within their portfolio.
The transaction's impact on BEP's financials will be important to monitor, as it may provide significant capital for reinvestment and potentially impact near-term earnings.
This acquisition marks a significant shift in the Iberian renewable energy landscape. The 745 MW operational portfolio, predominantly wind assets, provides Masdar with immediate market presence. More importantly, the 1.6 GW development pipeline offers substantial growth potential in a region critical to Europe's energy transition.
The deal highlights the growing interest in established renewable platforms with end-to-end capabilities. Saeta's expertise across the value chain, from development to operation, is a valuable asset in the competitive renewable sector. This vertical integration can lead to cost efficiencies and improved project execution.
For the industry, this transaction underscores the trend of consolidation and the increasing role of well-capitalized players in driving the energy transition. Masdar's expansion aligns with the global push to triple renewable energy capacity by 2030, as emphasized in the UAE Consensus at COP28.
The retention of concentrated solar power assets by Brookfield suggests a strategic focus on diversified technology portfolios, which could become a trend as companies optimize their renewable mix.
- As an established renewables platform equipped with end-to-end capabilities and strong growth opportunities, Saeta strengthens Masdar’s footprint in the Iberian Peninsula
- Successful execution of Brookfield’s business plan resulted in significant value creation and growth of Saeta
- The transaction would see Masdar acquire a portfolio of 745 MW of predominantly wind assets, and a 1.6 GW development pipeline in Spain and Portugal
- Deal advances Masdar’s growth plans in the region, representing one of Spain and Portugal’s largest renewable energy transactions, as the company targets global capacity of 100 GW by 2030
ABU DHABI, United Arab Emirates and MADRID, Sept. 24, 2024 (GLOBE NEWSWIRE) -- Abu Dhabi Future Energy Company PJSC - Masdar (“Masdar”), the UAE’s clean energy powerhouse, today announced the proposed acquisition of Saeta Yield (“Saeta”) from Brookfield Renewable (NYSE: BEP, BEPC; TSX: BEP.UN, BEPC), together with its institutional partners (“Brookfield”), for an implied enterprise value of c.
Saeta is a leading independent developer, owner and operator of renewable power assets with capabilities across the entire value-chain. The transaction consists of a portfolio of 745 megawatts (MW) of predominantly wind assets – 538 MW of wind assets in Spain, 144 MW of wind assets in Portugal and 63 MW solar PV assets in Spain – and includes a 1.6 gigawatt (GW) development pipeline. The transaction excludes a regulated portfolio of 350 MW of concentrated solar power assets, which Brookfield will retain and continue to operate.
Since acquiring the business in 2018, Brookfield has worked closely with Saeta’s management team to successfully execute a business plan focused on divesting non-core assets, optimizing its capital structure, and positioning the business for growth through hybridization, repowering, greenfield development and accretive tuck-in opportunities. The sale is in line with Brookfield Renewable’s asset rotation strategy to recycle capital to fund growth activities.
Representing one of Spain’s largest renewable energy transactions, the deal further cements Masdar’s position in the country, in one of Europe’s largest renewable markets. The deal demonstrates Masdar’s commitment to accelerating the energy transition in Spain, Portugal and Europe, and advances its growth plans in the region as the company targets global capacity of 100 GW by 2030. Recently, Masdar also announced an agreement with Endesa to become a partner for 2.5 GW of renewable energy assets in Spain, subject to regulatory approvals and other conditions.
HE Dr Sultan Al Jaber, UAE Minister of Industry and Advanced Technology, Chairman of Masdar and COP28 President, said:
“Masdar is committed to accelerating the delivery of clean energy capacity across the Iberian Peninsula and Europe. Representing one of Spain’s largest renewable energy transactions, this landmark deal with Brookfield Renewable builds on Masdar’s strong growth story, demonstrating our commitment to the EU’s wider net zero by 2050 target and unlocking new capacity. 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.”
Mark Carney, Chair and Head of Transition Investing at Brookfield, said: “We are thrilled to conclude this important transaction with Masdar. As global leaders in clean energy development, Brookfield and Masdar will continue to be important players to accelerate the journey towards a net-zero economy.”
Mohamed Jameel Al Ramahi, Chief Executive Officer of Masdar, added:
“With an operating capacity of 745 MW of predominantly wind assets, and a 1.6 GW development pipeline in Spain and Portugal, Saeta is a perfect complement to Masdar’s portfolio in Europe, following our recent partnership with Endesa for 2.5 GW 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, supporting Masdar’s expansion plans to reach 100 GW by 2030.”
Connor Teskey, Chief Executive Officer of Brookfield Renewable Partners, commented:
“We are pleased to have successfully supported Saeta throughout our ownership, having worked closely with the business to scale and optimize its renewable portfolio across Iberia. The company has a strong development pipeline and a top-tier management team, and is well positioned to continue delivering incremental renewable energy to the region over the coming years under Masdar’s sponsorship.”
Álvaro Pérez de Lema, Chief Executive Officer of Saeta, said:
“After more than six years of successful and profitable growth with Brookfield, we are very excited to open a new chapter in Saeta’s history with the arrival of Masdar as the new controlling shareholder. We look forward to working with Masdar to take Saeta to the next phase of its growth story, further consolidating its leadership position as an independent producer of renewable energy in Iberia.”
Advisors:
Masdar has retained Citigroup Global Markets Limited as its transaction advisor, Linklaters as legal advisor, UL as technical advisor and KPMG as its financial and tax advisor.
Brookfield retained Santander and Société Générale as its transaction advisors, Uría Menéndez as legal advisor, G-Advisory as technical advisor and KPMG as its tax advisor.
About Masdar
Masdar (Abu Dhabi Future Energy Company) is one of the world’s fastest-growing renewable energy companies. As a global clean energy pioneer, Masdar is advancing the development and deployment of solar, wind, geothermal, battery storage and green hydrogen technologies to accelerate the energy transition and help the world meet its net-zero ambitions. Established in 2006, Masdar has developed and invested in projects in over 40 countries with a combined capacity of over 20 gigawatts (GW), providing affordable clean energy access to those who need it most and helping to power a more sustainable future.
Masdar is jointly owned by TAQA, ADNOC, and Mubadala, and is targeting a renewable energy portfolio capacity of 100 GW by 2030 while aiming to be a leading producer of green hydrogen by the same year.
Brookfield Renewable
Brookfield Renewable operates one of the world’s largest publicly traded platforms for renewable power and sustainable solutions. Our renewable power portfolio consists of hydroelectric, wind, utility-scale solar and storage facilities in North America, South America, Europe and Asia. Our operating capacity totals over 34,000 megawatts and our development pipeline stands at approximately 200,000 megawatts. Our portfolio of sustainable solutions assets includes our investments in Westinghouse (a leading global nuclear services business) and a utility and independent power producer with operations in the Caribbean and Latin America, as well as both operating assets and a development pipeline of carbon capture and storage capacity, agricultural renewable natural gas and materials recycling.
Brookfield Renewable is the flagship listed renewable power and transition company of Brookfield Asset Management, a leading global alternative asset manager with approximately
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Cautionary Statement Regarding Forward-looking Statements
This news release contains forward-looking statements and information within the meaning of applicable securities laws. Forward-looking statements may include estimates, plans, expectations, opinions, forecasts, projections, guidance or other statements that are not statements of fact. Forward-looking statements can be identified by the use of words such as “will”, “expected”, “intend”, “potential”, “can” or variations of such words and phrases. Forward-looking statements in this news release include statements regarding the parties’ future expectations, beliefs, plans, objectives, financial condition, assumptions or future events or performance. Although Brookfield Renewable believes that such forward-looking statements and information are based upon reasonable assumptions and expectations, no assurance is given that such expectations will prove to have been correct. The reader should not place undue reliance on forward-looking statements and information as such statements and information involve known and unknown risks, uncertainties and other factors, including the ability of the parties to realize the expected benefits of the transaction, which may cause the actual results, performance or achievements of Brookfield Renewable to differ materially from anticipated future results, performance or achievement expressed or implied by such forward-looking statements and information.
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