The Abu Dhabi Future Energy Company (Masdar) is set to acquire Saeta Yield, a leading independent developer, owner and operator of renewable power assets, from Brookfield Renewable.

The acquisition, together with its institutional partners, is valued at $1.4 billion, and is expected to be closed by 2024-end.

The transaction consists of a portfolio of 745 megawatts (MW) of predominantly wind assets – 538 MW of wind assets in Spain, 144 MW of wind assets in Portugal and 63 MW solar PV assets in Spain - and includes a 1.6-gigawatt (GW) development pipeline.

Brookfield will, however, retain and operate 350 MW of concentrated solar power assets.

The deal further cements Masdar’s position in the country, in one of Europe’s largest renewable markets.

The deal advances its growth plans in the region as the company targets global capacity of 100 GW by 2030.

Recently, Masdar also announced an agreement with Endesa to become a partner for 2.5 GW of renewable energy assets in Spain, subject to regulatory approvals and other conditions.

Dr Sultan Al Jaber, UAE Minister of Industry and Advanced Technology, Chairman of Masdar and COP28 President, said: "Masdar is committed to accelerating the delivery of clean energy capacity across the Iberian Peninsula and Europe. Representing one of Spain’s largest renewable energy transactions, this landmark deal with Brookfield Renewable builds on Masdar’s strong growth story, demonstrating our commitment to the EU’s wider net-zero by 2050 target and unlocking new capacity."