- Masdar has acquired Saeta Yield and partnered with Endesa S.A. in Spain
- UAE's clean energy leader has acquired Saeta, an established renewables platform with an operating portfolio of 745MW of predominantly wind assets, and a 1.6GW development pipeline in Spain and Portugal, for an enterprise value of €1.2 billion
- Masdar is also partnering with Endesa in Spain in a portfolio of over 2GW of solar assets and aims to add 0.5GW of battery storage, acquiring 49.99% for an enterprise value of €817 million for this stake
- Landmark deals expand Masdar's portfolio in Iberian Peninsula and Europe, as company targets global capacity of 100GW by 2030
- Partnership with Endesa S.A. includes regulated renewable assets and long-term power purchase agreements under which Endesa S.A. through a subsidiary, will acquire 100 percent of the energy produced by the solar photovoltaic (PV) assets
Abu Dhabi, UAE, and Madrid, Spain, December 23, 2024 – Masdar, the UAE's clean energy leader, has significantly expanded its portfolio in Europe, completing two landmark acquisitions in the Iberian Peninsula to advance its ambitious growth plans.
Masdar acquired Saeta Yield ('Saeta') from Brookfield Renewable Partners (NYSE: BEP, BEPC; TSX: BEP.UN, BEPC), together with its institutional partners ('Brookfield'), for an enterprise value of €1.2 billion and an equity value of €696 million.
Additionally, Masdar and Endesa S.A. ('Endesa') finalized a partnership agreement to advance renewable energy initiatives in Europe. Under this agreement, Masdar has acquired a 49.99 percent stake in EGPE Solar for an enterprise value of €817 million, and an equity value of €280 million. EPGE Solar is a subsidiary of Enel Group's Endesa, which owns a 2 gigawatt (GW) portfolio of operational photovoltaic (PV) assets in Spain.
Mohamed Jameel Al Ramahi, Chief Executive Officer of Masdar, said: 'These landmark acquisitions build on Masdar's strong growth story and reinforces its credentials as a trusted global partner for governments, investors and communities, demonstrating our commitment to the EU's wider Net Zero by 2050 strategy. The acquisition of Saeta, as well as our partnership with Endesa, is a strong vote of confidence in Spain and Portugal where we will work to unlock new capacity as Masdar targets a global capacity of 100GW by 2030.'
The acquisition of Saeta, an established renewables platform equipped with end-to-end capabilities and strong growth opportunities, strengthens Masdar's footprint in the Iberian Peninsula. Saeta consists of a portfolio of 745 megawatts (MW) of predominantly wind assets - 538MW of wind assets in Spain, 144MW of wind assets in Portugal and 63MW solar PV assets in Spain - and includes a 1.6GW development pipeline. The transaction excludes a regulated portfolio of 350MW of concentrated solar power assets, which Brookfield will retain and continue to operate.
The partnership with Endesa advances both Spain's and the EU's energy transition goals, serving as a strategic steppingstone for future collaboration. Under the terms of the agreement signed on July 25, 2024, Masdar's investment secures a substantial interest in EGPE Solar, while Enel retains operational control of the company and its assets. The partnership includes long-term power purchase agreements (PPAs) under which Endesa, through a subsidiary, will acquire 100 percent of the energy produced by the photovoltaic assets. Endesa and Masdar aim to add 0.5GW of battery energy storage system (BESS) to the projects.
Masdar's strategic investments in the Iberian market follow its recent acquisition of a majority share in TERNA ENERGY in Greece in November. Saeta, TERNA ENERGY and the partnership with Endesa will play an important role in enhancing Masdar's portfolio across Europe as it targets 100GW global capacity by 2030 in support of the energy transition.
Transaction advisors:
Advisors for Saeta transaction:
Masdar has retained BNPP as its transaction advisor, Linklaters as legal advisor, UL as technical advisor, PwC as its tax advisor, and PexaPark as PPA advisor. The acquisition was partially funded via acquisition financing from BNPP, Santander, Intesa, ADCB, FAB and SMBC. Lenders were advised by Ashurst.
Advisors for Endesa transaction:
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.
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