Masdar Expands Renewable Energy Presence in Europe
Masdar is also partnering with Endesa in Spain in a portfolio of over 2GW of solar assets, and aims to add 0.5GW of battery storage.
Masdar, the UAE’s leading clean energy company, has significantly increased its presence in Europe by completing two major acquisitions in the Iberian Peninsula. These moves are part of Masdar’s broader strategy to accelerate its growth and contribute to global renewable energy goals.
Acquisition of Saeta Yield from Brookfield Renewable Partners
Masdar has successfully acquired Saeta Yield, a prominent renewable energy platform, from Brookfield Renewable Partners for a total enterprise value of €1.2 billion and an equity value of €696 million. This acquisition strengthens Masdar’s position in the Iberian Peninsula and adds a robust portfolio of renewable assets to its portfolio.
Partnership with Endesa S.A. to Boost Renewable Energy in Europe
In addition to the Saeta acquisition, Masdar has entered into a strategic partnership with Endesa S.A. to further its renewable energy ambitions in Europe. As part of this agreement, Masdar has acquired a 49.99% stake in EGPE Solar, a subsidiary of Endesa, for an enterprise value of €817 million and an equity value of €280 million. EGPE Solar operates a 2 gigawatt (GW) portfolio of photovoltaic (PV) assets in Spain.
Mohamed Jameel Al Ramahi, Chief Executive Officer of Masdar, said: “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 where we will work to unlock new capacity as Masdar targets a global capacity of 100GW by 2030.”
Strengthening Masdar’s Footprint with Saeta Yield
The acquisition of Saeta Yield, which holds 745 megawatts (MW) of renewable energy assets, including wind and solar projects, enhances Masdar’s footprint in the Iberian Peninsula. Saeta’s portfolio consists of 538 MW of wind assets in Spain, 144 MW of wind assets in Portugal, and 63MW of solar PV assets in Spain. The acquisition also includes a development pipeline of 1.6 GW, excluding 350 MW of concentrated solar power assets, which Brookfield will retain.
Strategic Importance of the Endesa Partnership
Masdar’s partnership with Endesa is a significant step towards achieving Spain’s and the European Union’s energy transition goals. The agreement, finalized on July 25, 2024, grants Masdar a substantial interest in EGPE Solar while Endesa retains operational control. The partnership includes long-term power purchase agreements (PPAs), ensuring that Endesa will acquire all energy produced by the solar assets. Additionally, Masdar and Endesa plan to add 0.5GW of battery energy storage systems (BESS) to the projects.
Strategic Move for Masdar’s European Growth
These acquisitions and partnerships align with Masdar’s broader strategy to expand its renewable energy portfolio across Europe. Following its recent acquisition of a majority stake in TERNA ENERGY in Greece, Masdar is well-positioned to enhance its presence in key European markets. Together with Saeta, TERNA ENERGY, and the partnership with Endesa, Masdar is on track to reach its target of 100GW of global capacity by 2030, driving the global energy transition forward.
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