Abu Dhabi Future Energy Company PJSC - Masdar (“Masdar”), the UAE’s
clean energy powerhouse, today announced the proposed acquisition
of Saeta Yield (“Saeta”) from Brookfield Renewable (NYSE: BEP,
BEPC; TSX: BEP.UN, BEPC), together with its institutional partners
(“Brookfield”), for an implied enterprise value of c. $1.4 billion
(€1.2 billion). Closing of the transaction is subject to customary
approvals and is expected to occur around the end of 2024.
Saeta is a leading independent developer, owner
and operator of renewable power assets with capabilities across the
entire value-chain. The transaction consists of a portfolio of 745
megawatts (MW) of predominantly wind assets – 538 MW of wind assets
in Spain, 144 MW of wind assets in Portugal and 63 MW solar PV
assets in Spain – and includes a 1.6 gigawatt (GW) development
pipeline. The transaction excludes a regulated portfolio of 350 MW
of concentrated solar power assets, which Brookfield will retain
and continue to operate.
Since acquiring the business in 2018, Brookfield
has worked closely with Saeta’s management team to successfully
execute a business plan focused on divesting non-core assets,
optimizing its capital structure, and positioning the business for
growth through hybridization, repowering, greenfield development
and accretive tuck-in opportunities. The sale is in line with
Brookfield Renewable’s asset rotation strategy to recycle capital
to fund growth activities.
Representing one of Spain’s largest renewable
energy transactions, the deal further cements Masdar’s position in
the country, in one of Europe’s largest renewable markets. The deal
demonstrates Masdar’s commitment to accelerating the energy
transition in Spain, Portugal and Europe, and advances its growth
plans in the region as the company targets global capacity of 100
GW by 2030. Recently, Masdar also announced an agreement with
Endesa to become a partner for 2.5 GW of renewable energy assets in
Spain, subject to regulatory approvals and other conditions.
HE Dr Sultan Al Jaber, 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. Representing one of Spain’s largest renewable energy
transactions, this landmark deal with Brookfield Renewable builds
on Masdar’s strong growth story, demonstrating our commitment to
the EU’s wider net zero by 2050 target and unlocking new capacity.
Matching words with actions, Masdar is further accelerating its
ambitious growth plans, as well as supporting the delivery of the
UAE Consensus ratified at COP28, to triple renewable energy
capacity by 2030, enabling a just, orderly and equitable energy
transition.”
Mark Carney, Chair and Head of
Transition Investing at Brookfield, said: “We are thrilled
to conclude this important transaction with Masdar. As global
leaders in clean energy development, Brookfield and Masdar will
continue to be important players to accelerate the journey towards
a net-zero economy.”
Mohamed Jameel Al Ramahi, Chief
Executive Officer of Masdar, added: “With an operating
capacity of 745 MW of predominantly wind assets, and a 1.6 GW
development pipeline in Spain and Portugal, Saeta is a perfect
complement to Masdar’s portfolio in Europe, following our recent
partnership with Endesa for 2.5 GW of solar energy. This deal
consolidates our footprint in the Iberian market by acquiring a
well-established renewable platform, with a strong operational
portfolio and management team, and tangible near-term and long-term
growth opportunities, supporting Masdar’s expansion plans to reach
100 GW by 2030.”
Connor Teskey, Chief Executive Officer
of Brookfield Renewable Partners, commented:“We are
pleased to have successfully supported Saeta throughout our
ownership, having worked closely with the business to scale and
optimize its renewable portfolio across Iberia. The company has a
strong development pipeline and a top-tier management team, and is
well positioned to continue delivering incremental renewable energy
to the region over the coming years under Masdar’s
sponsorship.”
Álvaro Pérez de Lema, Chief Executive
Officer of Saeta, said: “After more than six years of
successful and profitable growth with Brookfield, we are very
excited to open a new chapter in Saeta’s history with the arrival
of Masdar as the new controlling shareholder. We look forward to
working with Masdar to take Saeta to the next phase of its growth
story, further consolidating its leadership position as an
independent producer of renewable energy in Iberia.”
Advisors: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.
Brookfield retained Santander and Société
Générale as its transaction advisors, Uría Menéndez as legal
advisor, G-Advisory as technical advisor and KPMG as its tax
advisor.
About Masdar
Masdar (Abu Dhabi Future Energy Company) is one
of the world’s fastest-growing renewable energy companies. As a
global clean energy pioneer, Masdar is advancing the development
and deployment of solar, wind, geothermal, battery storage and
green hydrogen technologies to accelerate the energy transition and
help the world meet its net-zero ambitions. Established in 2006,
Masdar has developed and invested in projects in over 40 countries
with a combined capacity of over 20 gigawatts (GW), providing
affordable clean energy access to those who need it most and
helping to power a more sustainable future.
Masdar is jointly owned by TAQA, ADNOC, and
Mubadala, and is targeting a renewable energy portfolio capacity of
100 GW by 2030 while aiming to be a leading producer of green
hydrogen by the same year.
Brookfield Renewable
Brookfield Renewable operates one of the world’s
largest publicly traded platforms for renewable power and
sustainable solutions. Our renewable power portfolio consists of
hydroelectric, wind, utility-scale solar and storage facilities in
North America, South America, Europe and Asia. Our operating
capacity totals over 34,000 megawatts and our development pipeline
stands at approximately 200,000 megawatts. Our portfolio of
sustainable solutions assets includes our investments in
Westinghouse (a leading global nuclear services business) and a
utility and independent power producer with operations in the
Caribbean and Latin America, as well as both operating assets and a
development pipeline of carbon capture and storage capacity,
agricultural renewable natural gas and materials recycling.
Brookfield Renewable is the flagship listed
renewable power and transition company of Brookfield Asset
Management, a leading global alternative asset manager with
approximately $1 trillion of assets under management.
Contact information:
MasdarFor media enquiries,
please contact: press@masdar.ae
For more information please visit: https://www.masdar.ae and
connect: facebook.com/masdar.ae and twitter.com/masdar
Brookfield
Media: John Hamlin Manager – Communications M
+44 743 605 4717 John.hamlin@Brookfield.com
Investors: Alex Jackson Vice President –
Investor Relations (416)-649-8196
alexander.jackson@brookfield.com
Cautionary Statement Regarding
Forward-looking Statements
This news release contains forward-looking statements and
information within the meaning of applicable securities laws.
Forward-looking statements may include estimates, plans,
expectations, opinions, forecasts, projections, guidance or other
statements that are not statements of fact. Forward-looking
statements can be identified by the use of words such as “will”,
“expected”, “intend”, “potential”, “can” or variations of such
words and phrases. Forward-looking statements in this news release
include statements regarding the parties’ future expectations,
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future events or performance. Although Brookfield Renewable
believes that such forward-looking statements and information are
based upon reasonable assumptions and expectations, no assurance is
given that such expectations will prove to have been correct. The
reader should not place undue reliance on forward-looking
statements and information as such statements and information
involve known and unknown risks, uncertainties and other factors,
including the ability of the parties to realize the expected
benefits of the transaction, which may cause the actual results,
performance or achievements of Brookfield Renewable to differ
materially from anticipated future results, performance or
achievement expressed or implied by such forward-looking statements
and information.
Except as required by law, Brookfield Renewable does not
undertake any obligation to publicly update or revise any
forward-looking statements or information, whether written or oral,
whether as a result of new information, future events or
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