Within days of its record-breaking acquisition of TERNA in Greece, Masdar, UAE’s clean energy leader, has announced two major deals in Spain, in which it has acquired Saeta Yield and a 49.99 per cent stake in Endesa.
Saeta Yield is an established renewables platform with an operating portfolio of 745MW of predominantly wind assets, and a 1.6GW development pipeline in Spain and Portugal.
Masdar acquired Saeta Yield from Brookfield Renewable Partners for an enterprise value of €1.2 billion ($1.25 billion) and an equity value of €696 million ($723.3 million).
Endesa has a portfolio of over 2GW of solar assets, and aims to add 0.5GW of battery storage and the partnership includes regulated renewable assets and long-term power purchase agreements under which Endesa, through a subsidiary, will acquire 100 per cent of the energy produced by the solar photovoltaic (PV) assets.
As agreed earlier this year, UAE’s clean energy leader has acquired a 49.99 per cent stake in Enel Green Power España (EGPE) Solar for an enterprise value of €817 million ($849 million), and an equity value of €280 million ($291 million). EPGE Solar is a subsidiary of Enel Group’s Endesa.
Chief Executive Officer Mohamed Jameel Al Ramahi, commented: “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 as Masdar targets a global capacity of 100GW by 2030.”
As we accelerate efforts to achieve our targeted global capacity of 100GW by 2030, we are proud to announce landmark deals to expand #Masdar’s portfolio in the Iberian Peninsula and Europe.
— Masdar (@Masdar) December 23, 2024
The acquisition of Saeta strengthens Masdar’s footprint in the Iberian Peninsula. Saeta consists of a portfolio of 745 megawatts (MW) of predominantly wind assets – 538MW in Spain, 144MW in Portugal. It also has 63MW solar PV assets in Spain and includes a 1.6GW development pipeline. Excludes from this transaction is a regulated portfolio of 350MW of concentrated solar power assets, which Brookfield will retain and continue to operate.
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, in a partnership that advances both Spain’s and the EU’s energy transition goals. The companies aim to add 0.5GW of battery energy storage system (BESS) to the projects.
Saeta, TERNA Energy and the partnership with Endesa will play an important role in enhancing Masdar’s portfolio across Europe.
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