(RTTNews) - Tuesday, Brookfield Renewable Partners L.P. (BEP) revealed that Masdar, a clean energy company based in the UAE, intends to acquire its subsidiary Saeta Yield, an independent renewable power asset developer for $1.4 billion.
This transaction is expected to enhance Masdar's European portfolio by adding 745 MW of wind and solar assets and a 1.6 GW development pipeline in Spain and Portugal. Meanwhile, Brookfield will maintain a regulated portfolio consisting of 350 MW of concentrated solar power assets. This acquisition supports Masdar's goal of reaching 100 GW global capacity by 2030.
The company stated that this represents one of the largest renewable energy transactions in Spain and Portugal and is pending customary approvals, with an expected closing by the end of 2024.
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