Masdar Acquires Saeta Renewables Platform and Partners with Endesa for a Portfolio of Operating and Development Wind and Solar Projects with a Total Capacity of over 4GW in Spain and Portugal
/Abu Dhabi, U.A.E, December 23, 2024, 11:30 GMT, Masdar, RENEWABLE MARKET WATCHTM/ Masdar, the UAE's leader in clean energy, has significantly expanded its European portfolio by completing two major acquisitions in Spain and Portugal to underpin its ambitious growth plans further. Masdar acquired Saeta Yield ("Saeta") from Brookfield Renewable Partners (NYSE: BEP, BEPC; TSX: BEP.UN, BEPC), together with its institutional partners ("Brookfield"), for an enterprise value of €1.2 billion and an equity value of €696 million.
Masdar and Endesa S.A. have finalized a partnership agreement to advance European renewable energy initiatives. As part of this agreement, Masdar has acquired a 49.99% stake in EGPE Solar, which has an enterprise value of €817 million and an equity value of €280 million. EGPE Solar is a subsidiary of Enel Group's Endesa and holds a portfolio of 2GW of operational photovoltaic (PV) assets in Spain.
Masdar's acquisition of Saeta, a well-established renewables platform with comprehensive capabilities and significant growth potential, enhances its presence in the Iberian Peninsula. Saeta has a portfolio totalling 745MW of primarily wind assets, which includes 538MW of wind energy in Spain, 144MW in Portugal, and 63MW of solar photovoltaic (PV) assets in Spain. Additionally, Saeta boasts a development pipeline of 1.6 GW. Notably, this transaction excludes a regulated portfolio of 350MW of concentrated solar power assets, which Brookfield will retain and continue to operate.
The partnership with Endesa supports Spain's and the EU's energy transition goals, acting as a strategic foundation for future collaboration. Under the agreement signed on July 25, 2024, Masdar has made a significant investment to secure a substantial interest in EGPE Solar while Enel maintains operational control of the company and its assets. This partnership includes long-term power purchase agreements (PPAs), through which Endesa, via a subsidiary, will acquire 100 per cent of the energy produced by the photovoltaic assets. Additionally, Endesa and Masdar plan to implement a battery energy storage system (BESS) with a capacity of 0.5GW for the projects.
Masdar's strategic investments in the Iberian market come on the heels of its recent acquisition of a majority stake in TERNA ENERGY in Greece in November. The partnerships with Saeta, TERNA ENERGY, and Endesa are set to significantly enhance Masdar's portfolio across Europe as the company aims for a global capacity of 100 GW by 2030 to support the clean energy transition.
For more information and answers to your questions about the European solar energy market and related content (incl. a list of solar energy developers and investors, data, and forecasts), you may read here: Europe Solar Photovoltaic (PV) Power Market Outlook 2024 ÷ 2033
To download the executive summary brochure with sample pages for the European solar power market, please access from here: Europe Solar Photovoltaic (PV) Power Market Outlook - Sample
For a better understanding of the benefits of using our reports, you may read here: Benefit List - Reports of Renewable Market Watch - 2024
About Renewable Market Watch™
Renewable Market Watch™ is delivering strategic insight into emerging renewable energy markets through its experienced research team and cutting-edge predictive analytics data platform. We partner with our customers to provide research, data and consulting reports in areas appropriate to their specific requirements. Our primary focus is emerging renewable energy markets of Asia Countries, Western Europe, South Europe, Balkan countries, Central and Eastern Europe, CIS states (former the Soviet Union), LATAM countries and MENA countries. For more information about Renewable Market Watch™, please visit:
