Masdar acquires Spain’s Saita for AED 5 billion

Abu Dhabi Future Energy Company (Masdar) announced its acquisition of Spain’s Saita Yield from Brookfield Renewables for an estimated value of AED 5 billion ($1.4 billion). The deal is subject to customary regulatory approvals and is expected to close by the end of 2024.

SAITA is an independent developer, owner and operator of renewable energy assets, with projects spanning the value chain within the sector.

Masdar said in a statement yesterday that the deal includes a diverse portfolio of projects, most of which are in the field of wind energy, with a total capacity of 745 megawatts, including 538 megawatts of wind energy project assets in Spain, 144 megawatts of wind energy project assets in Portugal, and 63 megawatts of solar photovoltaic project assets in Spain. It also includes plans to develop other projects with a capacity of 1.6 gigawatts, while a group of concentrated solar power projects with a capacity of 350 megawatts are excluded from the deal, which Brookfield will retain and continue to operate.

Dr. Sultan Al Jaber, Minister of Industry and Advanced Technology, President of COP28 and Chairman of Masdar, said: “This investment confirms Masdar’s commitment to implementing the leadership’s vision to promote sustainable economic development and spread renewable energy solutions and projects.”

He added that the deal with Brookfield Renewable represents one of the largest renewable energy deals in Spain, and confirms the great efforts made by Masdar to expand its activities and projects, and implement its ambitious plans for growth and expansion, and supports the goal of tripling global renewable energy capacity, in line with the historic “UAE Agreement” reached during the Conference of the Parties “COP28”.

Al Jaber pointed out 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 potential.

“We are delighted to have concluded this important transaction with Masdar,” said Mark Carney, Chairman and Chief Investment Officer of Brookfield. “As two global leaders in clean energy, Brookfield and Masdar will continue to play their part in supporting the transition to a carbon-free economy.”

In turn, Mohamed Jameel Al Ramahi, CEO of Masdar, said that with a portfolio of operational projects, most of which are in the field of wind energy with a total capacity of 745 megawatts and project plans 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.