According to a statement from Masdar on Tuesday, the deal is subject to customary regulatory approvals and is expected to close by the end of 2024.
SAITA is a leading independent developer, owner and operator of renewable energy assets, with projects spanning the entire value chain within the sector.
The deal includes a diversified portfolio of projects, mostly in the wind energy sector, with a total capacity of 745 megawatts, including 538 megawatts of wind energy assets in Spain, 144 megawatts of wind energy assets in Portugal, and 63 megawatts of solar photovoltaic assets in Spain, and includes plans to develop other projects with a capacity of 1.6 gigawatts, while the deal excludes a group of concentrated solar power projects with a capacity of 350 megawatts, which Brookfield will retain and continue to operate.
“The deal with Brookfield Renewables represents one of the largest renewable energy deals in Spain, and underscores Masdar’s significant efforts to expand its business and projects and deliver on its ambitious growth and expansion plans. It also supports the goal of tripling global renewable energy capacity, in line with the UAE’s historic agreement reached at COP28,” said Dr. Sultan bin Ahmed Sultan Al Jaber, UAE Minister of Industry and Advanced Technology, President of COP28, and Chairman of Masdar.
He explained that this deal gains additional importance in supporting the European Union’s goals of achieving climate neutrality by 2050 and fully investing in renewable energy capabilities and capacities.
This deal represents one of the largest renewable energy deals in Spain, and reflects Masdar’s commitment to contributing to the energy transition in Spain, Portugal and Europe, and strengthens its growth plans in the region in support of its goal of increasing the total production capacity of its global project portfolio to 100 GW by 2030.
Masdar recently announced an agreement with Endesa to become a partner in a 2.5 GW renewable energy portfolio in Spain, subject to regulatory approvals.
Since Brookfield acquired Saita in 2018, it has worked with the company’s management team to execute a successful business plan focused on optimizing the capital structure, driving growth through mergers, re-starts, sustainable development and other opportunities.
This deal comes as part of Brookfield’s strategy in the field of renewable energy assets to recycle capital to finance growth activities.
“With a portfolio of operational projects, most of which are in the wind energy sector, with a total capacity of 745 megawatts, and plans to develop projects with a capacity of 1.6 gigawatts in Spain and Portugal, Saita is an important addition to Masdar’s project portfolio in Europe, especially after its recent partnership with Endesa in a solar energy project portfolio with a capacity of 2.5 gigawatts,” said Mohamed Jameel Al Ramahi, CEO of Masdar.
He added that this deal represents an important step that strengthens Masdar’s presence in the Iberian market, by acquiring a strong renewable energy company with a significant portfolio of operational projects, a highly qualified management team, and tangible growth opportunities in the short and long term, which supports Masdar’s plans to reach a project portfolio of 100 gigawatts by 2030.
Masdar has appointed Citigroup Global Markets Limited as transaction advisor, Linklaters as legal advisor, UL as technical advisor, and KPMG as financial and tax advisor, while Brookfield has appointed Banco Santander and Societe Generale as transaction advisors, Aurea Mendes as legal advisor, G Advisory as technical advisor, and KPMG as tax advisor.
#UAEs #Masdar #acquires #Spanish #renewable #energy #firm #Sieta #Yield #billion