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Masdar buys $1.4bn green assets in Spain and Portugal

By Pramod Kumar
The acquisition of Brookfield's renewable asset portfolio in Spain and Portugal will bolster Masdar's market presence in Europe Unsplash.com/Gustavo Quepón
The acquisition of Brookfield's renewable asset portfolio in Spain and Portugal will bolster Masdar's market presence in Europe

UAE renewable energy major Masdar will acquire a portfolio of renewable power projects in Spain and Portugal from the New York Stock Exchange-listed Brookfield Renewable for $1.4 billion.

The move aims to bolster Masdar’s market presence in Europe.

The portfolio, known as “Saeta Yield”, includes 745 megawatts (MW) of wind energy assets in Portugal and Spain, a 63MW solar PV plant in Spain and a 1.6 gigawatt (GW) development pipeline of renewable projects.

The transaction is expected to close by the end of the year, subject to regulatory approvals.

The sale of the portfolio, acquired in 2018, is part of Brookfield’s asset rotation strategy, aimed at recycling capital to fund growth activities.

In July, Abu Dhabi-listed Masdar agreed to acquire a minority stake in Spanish electric utility business Endesa to partner for 2.5GW of renewable energy assets in Spain.

In March, the company reached a financial close with Spain’s Iberdrola on the 476MW Baltic Eagle offshore wind project, located in the Baltic Sea off the coast of Germany.

Masdar is also developing the Almenara 1.2GW solar photovoltaic project in Spain’s Castilla-La Mancha region.

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