UAE clean energy pioneer Masdar to acquire Saeta from Brookfield for $1.4 billion
UAE’s Masdar recently announced the proposed acquisition of Saeta Yield from Brookfield for an implied entreprise value of $1.4 billion. Closing of the transaction is subject to customary approvals and is expected to occur around the end of this year.
Saeta is a prominent independent developer and operator of clean energy assets. Since acquiring the green energy firm in 2018, Brookfield has put substantial efforts into executing a business plan focused on divesting non-core assets and optimising its capital structure.
Masdar committed to accelerating global energy transition
This is Masdar’s second big green energy deal in recent months in Spain, one of Europe’s largest clean energy markets. It comes after an agreement to buy a minority stake in 48 solar plants controlled by Endesa – a unit of Italy’s Enel for €817 million.
The latest agreement demonstrates the UAE firm’s commitment to accelerating the energy transition in Spain, Portugal and Europe, and advances its expansion plans in the region. The development has been making global headlines.
HE Dr Sultan al-Jaber, the 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.”
UAE’s Masdar helping countries meet net-zero targets
Considered a global clean energy pioneer, Masdar is rapidly advancing the development and deployment of solar, geothermal, battery storage and green hydrogen technologies to accelerate the energy transition and help the planet meet its net-zero ambitions.
Mark Carney, chair and head of transition investing at Brookfield, hailed the conclusion of the important transaction, underscoring the interest of Brookfield and Masdar to continue to be important players in accelerating the journey in the direction of net-zero economy.
