RCS - Abu Dhabi Future Eng - Masdar to Acquire Saeta from Brookfield for $1.4bn
24/09/2024 08:15
For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20240924:nRSX3958Fa&default-theme=true
RNS Number : 3958F Abu Dhabi Future Energy Co. PJSC 24 September 2024
FOR EXTERNAL USE
Masdar to Acquire Saeta from Brookfield for $1.4 Billion
· As an established renewables platform equipped with end-to-end
capabilities and strong growth opportunities, Saeta strengthens Masdar's
footprint in the Iberian Peninsula
· Successful execution of Brookfield's business plan resulted in
significant value creation and growth of Saeta
· The transaction would see Masdar acquire a portfolio of 745MW of
predominantly wind assets, and a 1.6GW development pipeline in Spain and
Portugal
· Deal advances Masdar's growth plans in the region, representing one
of Spain and Portugal's largest renewable energy transactions, as the company
targets global capacity of 100GW by 2030
ABU DHABI, UAE & MADRID, Spain - Sept 24, 2024 - 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.
US$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 -
538MW of wind assets in Spain, 144MW of wind assets in Portugal and 63MW solar
PV assets in Spain - and includes a 1.6 gigawatt (GW) development pipeline.
The transaction excludes a regulated portfolio of 350MW 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 100GW by 2030.
Recently, Masdar also announced an agreement with Endesa to become a partner
for 2.5GW of renewable energy assets in Spain, subject to regulatory approvals
and other conditions.
- ENDS -
This information is provided by Reach, the non-regulatory press release distribution service of RNS, part of the London Stock Exchange. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
or visit
www.rns.com (http://www.rns.com/)
.
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
. END NRALIMATMTMTMMI