Masdar Acquires Brookfield’s Saeta Yield in $1.4 Bln: The Advisors

United Arab Emirates’ renewable energy company Masdar has reached an agreement to buy Spanish green energy firm Saeta Yield from Canada’s Brookfield’s in a deal valuing the company at $1.4 billion.

Under the deal, Masdar is acquiring from Saeta, a leading independent developer, 745 megawatts (MW) of mostly wind assets and 1.6 gigawatts of projects under development in Spain and Portugal, marking one of the largest such deals in the Iberian region. The transaction excludes a regulated portfolio of 350MW of concentrated solar power assets, which Brookfield will retain and continue to operate.

Representing one of Spain’s largest renewable energy transactions, the deal further cements Masdar’s position in the country, in one of Europe’s largest renewable markets. The deal demonstrates Masdar’s commitment to accelerating the energy transition in Spain, Portugal and Europe. It also advances its growth plans in the region as the company targets global capacity of 100GW by 2030.

The Advisors

KPMG Abogados has provided tax advice to Masdar, with a team led by Ricardo López – tax director at KPMG Abogados – and in which Carlos Carrera, Concha Navarro and Nuria Rosello have also participated. The team has provided advice on tax due diligence, tax structuring and tax advice in the review of the formal documentation of the transaction. In addition, and from the seller’s point of view, KPMG Abogados has advised Brookfield on tax matters, with a team led by Fernando Gómez Galicia (Partner), with the participation of Álvaro Hernández (Senior Manager) and Nikolay Iliev (Senior Manager).

Linklaters has advised Masdar (Abu Dhabi Future Energy Company) on its new investment in Spain. The legal team has been formed by the Corporate department: Esteban Arza (partner), Jaime Peláez Arosa (managing associate) and Olivia Martínez Ribó (junior associate). Also, from Public Law: Jorge Toral (counsel), Sergio García Rigal (lawyer) and Alejandra Arribas (lawyer).

Uría Menéndez has successfully advised Brookfield on the sale of Saeta Yield, to Masdar, the clean energy powerhouse based in the UAE. The legal team, led by partner Manuel Echenique (M&A-Private Equity, Madrid), included experts from multiple jurisdictions and practice areas, reflecting the international scope of the deal. The team also featured Alex Bircham (International Partner, M&A-Private Equity, Madrid), Miguel Stokes (Partner, Corporate, Lisbon), David López Pombo (Partner, Tax, Madrid), Eduardo Bayona (Managing Associate, M&A-Private Equity, Madrid), Gonçalo Andrade e Sousa (Managing Associate, Public Law, Lisbon), Casilda Campuzano (Senior Associate, M&A-Private Equity, Madrid) as well as Paula Lissorgues (Associate, M&A-Private Equity, Madrid).