07:43 AM EDT, 09/24/2024 (MT Newswires) -- Brookfield Renewable (BEP-UN.TO) on Tuesday agreed to sell Saeta Yield to Masdar, UAE-based clean energy company, for an implied enterprise value of about US$1.4 billion.

Saeta has a portfolio of 745 megawatts (MW) of mainly wind assets in Spain and Portugal, solar photovoltaic assets in Spain and also includes a 1.6 gigawatt (GW) development pipeline. Brookfield will retain and continue to operate a regulated portfolio of 350 MW of concentrated solar power assets that are currently owned by Saeta.

The transaction is expected to close around the end of this year.

Separately, Caisse de depot et placement du Quebec, one of Canada's largest public pension funds, on Tuesday agreed to acquire a 25% stake in First Hydro, a United Kingdom-based hydropower company from Brookfield Asset Management ( BAM ) and its institutional partners that include Brookfield Renewable, The transaction is expected to close by the end of this year.

First Hydro, which manages and operates two power plants in the Snowdonia region of Wales, has a capacity of more than 2,000 MW, representing 76% of the total pumped hydro storage in the United Kingdom.

Tuesday's deals come a day after Brookfield Asset Management ( BAM ) announced an initial closing of $US2.4 billion for the Catalytic Transition Fund, "marking a significant milestone towards the target of raising up to $5 billion for deployment towards clean energy and transition assets in emerging markets."