The National Markets and Competition Commission (CNMC) has given the green light to the acquisition of Saeta by Masdar from the Canadian fund Brookfield for an amount of 1.4 billion dollars (about 1.2 billion euros), which will allow the signing of Abu Dhabi renewables expand its presence in the Iberian Peninsula in green energies.
The operation, notified at the beginning of the month to the regulatory body, has thus been approved on the fast track in the first phase and without commitments.
The transaction, agreed last September, will allow Masdar to acquire a 745 megawatt (MW) portfolio of predominantly wind assets -538 MW in Spain and 144 MW in Portugal, as well as 63 MW solar in Spain- and a development portfolio of 1.6 gigawatts (GW) in Spain and Portugal. Regulated portfolio of 350 MW of solar assets left outwhich Brookfield will retain and continue to operate.
Furthermore, with the acquisition the Abu Dhabi firm boosts its growth plans in the region and represents one of the largest renewable energy transactions in Spain and Portugal, as the company aims for a global capacity of 100 GW by 2030.
The agreement, which represents one of the largest renewable energy transactions in Spainfurther consolidates Masdar’s position in the country, one of the largest renewable markets in Europe.
Alliances with Endesa and Iberdrola
The firm also announced in July an agreement with Endesa to become a partner of 2.5 GW of renewable energy assets in the country, subject to regulatory approvals and other conditions.
Furthermore, it is Iberdrola partnerwith which it has a strategic agreement to jointly invest up to 15,000 million in offshore wind and green hydrogen in Germany, the United Kingdom and the United States, as well as with a co-investment agreement in Baltic Eagle (Germany).
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