On September 24, 2024, Abu Dhabi Future Energy Company PJSC – Masdar proposed the acquisition of Saeta Yield from Brookfield Renewable and its institutional partners for an implied enterprise value of approximately US$1.4 billion (C$1.88 billion) or €1.2 billion. The transaction involved Saeta’s portfolio of 745 megawatts (MW) of predominantly wind assets in Spain and Portugal, alongside a 1.6-gigawatt development pipeline. Brookfield retained a 350MW regulated portfolio of concentrated solar power assets.

Since acquiring Saeta in 2018, Brookfield successfully optimized its capital structure and positioned the company for growth. The sale aligned with Brookfield's strategy of recycling capital for future growth initiatives.

This deal, one of Spain’s largest renewable energy transactions, strengthened Masdar’s presence in the Iberian Peninsula as part of its broader ambition to achieve 100GW global renewable capacity by 2030.

Legal advisors for Masdar included Citigroup Global Markets Limited (transaction), Linklaters (legal), UL (technical), and KPMG (financial and tax). Brookfield was advised by Santander and Société Générale (transaction), Uría Menéndez (legal), G-Advisory (technical), and KPMG (tax). The deal was expected to close by the end of 2024, subject to regulatory approvals.