Brookfield sells Saeta renewable power business to Masdar for US$1.4B

TORONTO — Brookfield Renewable and its institutional partners have signed an agreement to sell its Saeta Yield renewable energy business in Europe to the UAE’s Masdar in a deal valued at US$1.4 billion.

Saeta is an independent developer, owner and operator of renewable power assets in Spain and Portugal.

Masdar will acquire a portfolio of 745 megawatts of predominantly wind assets and a development pipeline of about 1.6 gigawatts worth of projects.

The deal excludes a regulated portfolio of 350 megawatts of solar power assets, which Brookfield will keep and continue to operate.

Mohamed Jameel Al Ramahi, chief executive officer at Masdar, says Saeta is a perfect complement to the company’s portfolio in Europe.

Masdar was established in 2006 and has developed and invested in projects in over 40 countries with a combined capacity of over 20 gigawatts.

This report by The Canadian Press was first published Sept. 24, 2024.

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The Canadian Press