Masdar powers up Europe: Two game-changing acquisitions in the Iberian Peninsula

Masdar, the UAE’s clean energy leader, has strengthened its presence in Europe with two significant acquisitions in the Iberian Peninsula, advancing its ambitious growth strategy.

The company acquired Saeta Yield from Brookfield Renewable Partners and its institutional partners in a landmark deal valued at €1.2 billion, including an equity valuation of €696 million.

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 31.5 gigawatts (GW), providing affordable clean energy access to those who need it most and helping to power a more sustainable future.

TAQA, ADNOC, and Mubadala jointly own Masdar and are targeting a renewable energy portfolio capacity of 100GW by 2030 while aiming to be a leading producer of green hydrogen by the same year.

Emirates Global Aluminium (EGA) is the world’s largest ‘premium aluminium’ producer. Mubadala and the Investment Corporation of Dubai jointly own EGA.

Masdar and Endesa S.A. have formalised a strategic partnership to accelerate European renewable energy initiatives. As part of this agreement, Masdar has acquired a 49.99 per cent stake in EGPE Solar, a subsidiary of Enel Group's Endesa, with an enterprise value of €817 million and an equity value of €280 million. EGPE Solar boasts a 2-gigawatt (GW) portfolio of operational photovoltaic (PV) assets in Spain, marking a significant step forward in the region's clean energy transition.

Mohamed Jameel Al Ramahi, Chief Executive Officer of Masdar, said, “These landmark acquisitions build on Masdar’s strong growth story and reinforce 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.”

Masdar has reinforced its presence in the Iberian Peninsula by acquiring Saeta, a prominent renewables platform with robust end-to-end capabilities and significant growth potential. Saeta’s portfolio encompasses 745 megawatts (MW) of renewable energy assets, including 538MW of wind assets in Spain, 144MW in Portugal, and 63MW of solar photovoltaic (PV) assets in Spain. The acquisition also includes a 1.6GW development pipeline, while a separate regulated portfolio of 350MW of concentrated solar power assets will remain under Brookfield's ownership and operation.

In addition, Masdar has partnered with Endesa to advance Spain’s and the European Union’s energy transition goals. As part of an agreement signed on July 25, 2024, Masdar has secured a significant stake in EGPE Solar, while Enel retains operational control of the company and its assets. The partnership involves long-term power purchase agreements (PPAs), under which Endesa, through a subsidiary, will procure 100 per cent of the energy generated by the photovoltaic assets. The collaboration also plans to integrate 0.5GW of battery energy storage systems (BESS) into the projects.

These strategic investments in the Iberian market complement Masdar’s broader European expansion, which recently included acquiring a majority stake in TERNA ENERGY in Greece in November. Together, Saeta, TERNA ENERGY, and the Endesa partnership will bolster Masdar’s portfolio across Europe as the company works toward achieving its target of 100GW global capacity by 2030, contributing to the global energy transition.

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Image credit: MASDAR PR

Information credit: MASDAR PR