By Christian Moess Laursen
Masdar has agreed to buy Brookfield Renewable's Madrid-based wind-power company Saeta Yield in a transaction valuing it at around $1.4 billion, making it one of the largest renewable-energy deals in Spain.
The United Arab Emirates' clean-energy company said Tuesday that it will be acquiring wind assets in Spain and Portugal, which combined have a capacity of 682 megawatts, 63 MW of solar-panel assets in Spain, and a 1.6-gigawatt development pipeline under the deal.
The transaction--which is expected to close around the end of the year--advances un-listed Masdar's growth plans in the region as it moves toward its target of 100 GW capacity globally by the end of the decade.
This is Masdar's second deal in the Spanish energy market recently. In July, the company agreed to invest 817 million euros to acquire a 49.99% stake in Spanish power utility Endesa's solar-energy plants.
"Saeta is a perfect complement to Masdar's portfolio in Europe, following our recent partnership with Endesa," Chief Executive Mohamed Jameel Al Ramahi said.
The deal with Brookfield excludes a portfolio of 350 MW solar-power assets, which the U.S. renewable-energy company will retain.
Masdar is owned by UAE's national oil company Adnoc, its water-power utility Taqa and asset management Mubadala Investment.
Write to Christian Moess Laursen at christian.moess@wsj.com
(END) Dow Jones Newswires
September 24, 2024 06:20 ET (10:20 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.
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