Brookfield Renewable Partners L.P. ( BEP ) and its institutional partners disclosed the sale of Saeta Yield to Masdar, Abu Dhabi Future Energy Company PJSC, for an implied enterprise value of around $1.4 billion (€1.2 billion).

The acquisition includes a portfolio of 745 megawatts (MW) of primarily wind assets—538 MW in Spain, 144 MW in Portugal, and 63 MW of solar PV in Spain—along with a 1.6 gigawatt (GW) development pipeline.

The deal excludes 350 MW of concentrated solar power assets, which Brookfield will retain and operate.

The transaction is expected to close by the end of 2024, pending customary approvals.

Also Read: Brookfield Plans To Invest Up To $1.1B in eFuels: Details

Connor Teskey, chief executive officer of Brookfield Renewable Partners ( BEP ), said, “We are pleased to have successfully supported Saeta throughout our ownership, having worked closely with the business to scale and optimize its renewable portfolio across Iberia.”

“The company has a strong development pipeline and a top-tier management team, and is well positioned to continue delivering incremental renewable energy to the region over the coming years under Masdar’s sponsorship,” he added.

Apart from this, Brookfield Asset Management Inc , together with Brookfield Renewable and other institutional partners, has agreed to sell a 25% stake in First Hydro Company, a key electricity generation and storage facility in the United Kingdom, to CDPQ.

Notably, ENGIE SA ( ENGQF ) is the majority shareholder of First Hydro Company, holding the remaining 75% of the company.

“We are pleased to have supported First Hydro throughout our ownership period including securing its long-term future through active management of the business. First Hydro will continue to provide considerable renewable power to the U.K. long into the future,” said Ignacio Gomez-Acebo, managing director at Brookfield.

Price Action: BEP shares are up 0.63% at $27.00 premarket at the last check Tuesday.

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This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.