Masdar, the UAE’s clean energy leader, has completed the 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 1.2 billion euros (equity value of 696 million euros).

The acquisition of Saeta, an established renewables platform equipped with end-to-end capabilities and strong growth opportunities, strengthens Masdar’s footprint in the Iberian Peninsula.

Saeta consists of an operating 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 deal demonstrates Masdar’s commitment to accelerating the energy transition on the Iberian Peninsula and Europe, advancing its growth plans in the region as the company targets a global capacity of 100GW by 2030.