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• Masdar has acquired Saeta Yield and partnered with Endesa S.A. in Spain

• UAE’s clean energy leader has acquired Saeta, an established renewables platform with an operating portfolio of 745MW of predominantly wind assets, and a 1.6GW development pipeline in Spain and Portugal, for an enterprise value of €1.2 billion

• Masdar is also partnering with Endesa in Spain in a portfolio of over 2GW of solar assets, and aims to add 0.5GW of battery storage, acquiring 49.99% for an enterprise value of €817 million for this stake

• Landmark deals expand Masdar’s portfolio in Iberian Peninsula and Europe, as company targets global capacity of 100GW by 2030

• Partnership with Endesa S.A. includes regulated renewable assets and long-term power purchase agreements under which Endesa S.A. through a subsidiary, will acquire 100 percent of the energy produced by the solar photovoltaic (PV) assets

Masdar, the UAE’s clean energy leader, has significantly expanded its portfolio in Europe, completing two landmark acquisitions in the Iberian Peninsula to advance its ambitious growth plans.

Masdar acquired Saeta Yield (“Saeta”) from Brookfield Renewable Partners (NYSE: BEP, BEPC; TSX: BEP.UN, BEPC), together with its institutional partners (“Brookfield”), for an enterprise value of €1.2 billion and an equity value of €696 million.

Additionally, Masdar and Endesa S.A. (“Endesa”) finalized a partnership agreement to advance renewable energy initiatives in Europe. Under this agreement, Masdar has acquired a 49.99 percent stake in EGPE Solar for an enterprise value of €817 million, and an equity value of €280 million. EPGE Solar is a subsidiary of Enel Group’s Endesa, which owns a 2 gigawatt (GW) portfolio of operational photovoltaic (PV) assets in Spain.

Mohamed Jameel Al Ramahi, Chief Executive Officer of Masdar, said:

The acquisition of Saeta, an established renewables platform equipped with end-to-end capabilities and strong growth opportunities, strengthens Masdar’s footprint in the Iberian Peninsula. Saeta consists of a portfolio of 745 megawatts (MW) of predominantly wind assets - 538MW of wind assets in Spain, 144MW of wind assets in Portugal and 63MW solar PV assets in Spain - and includes a 1.6GW development pipeline. The transaction excludes a regulated portfolio of 350MW of concentrated solar power assets, which Brookfield will retain and continue to operate.

The partnership with Endesa advances both Spain’s and the EU’s energy transition goals, serving as a strategic steppingstone for future collaboration. Under the terms of the agreement signed on July 25, 2024, Masdar’s investment secures a substantial interest in EGPE Solar, while Enel retains operational control of the company and its assets. The partnership includes long-term power purchase agreements (PPAs) under which Endesa, through a subsidiary, will acquire 100 percent of the energy produced by the photovoltaic assets. Endesa and Masdar aim to add 0.5GW of battery energy storage system (BESS) to the projects.

Masdar’s strategic investments in the Iberian market follow its recent acquisition of a majority share in TERNA ENERGY in Greece in November. Saeta, TERNA ENERGY and the partnership with Endesa will play an important role in enhancing Masdar’s portfolio across Europe as it targets 100GW global capacity by 2030 in support of the energy transition.

Transaction advisors:

Advisors for Endesa transaction:

Masdar has retained BNPP as its transaction advisor, Linklaters as legal advisor, UL as technical advisor, PwC as its tax advisor, and PexaPark as PPA advisor. The acquisition was partially funded via acquisition financing from BNPP, Santander, Intesa, ADCB, FAB and SMBC. Lenders were advised by Ashurst.

Advisors for Saeta transaction:

Masdar has retained Citigroup Global Markets Limited as its transaction advisor, Linklaters as legal advisor, UL as technical advisor and KPMG as its financial and tax advisor.

• Masdar completes acquisition of Saeta, an established renewables platform with an operating portfolio of 745MW of predominantly wind assets, and a 1.6GW development pipeline in Spain and Portugal for an enterprise value of €1.2 billion

• Landmark deal strengthens Masdar’s portfolio in Iberian Peninsula and Europe, as company targets global capacity of 100GW by 2030

Masdar, the UAE’s clean energy leader, has completed the acquisition of Saeta Yield (“Saeta”) from Brookfield Renewable (NYSE: BEP, BEPC; TSX: BEP.UN, BEPC), together with its institutional partners (“Brookfield”), for an implied enterprise value of 1.2 billion euros (equity value of 696 million euros).

The acquisition of Saeta, an established renewables platform equipped with end-to-end capabilities and strong growth opportunities, strengthens Masdar’s footprint in the Iberian Peninsula. Saeta consists of an operating portfolio of 745 megawatts (MW) of predominantly wind assets - 538MW of wind assets in Spain, 144MW of wind assets in Portugal and 63MW solar PV assets in Spain - and includes a 1.6 gigawatt (GW) development pipeline.

The deal demonstrates Masdar’s commitment to accelerating the energy transition on the Iberian Peninsula and Europe, advancing its growth plans in the region as the company targets a global capacity of 100GW by 2030.

Partners have agreed to bring the two projects under a joint ownership structure in one legal entity, subject to regulatory approvals being obtained before closing. The projects are extensions to the operational Sheringham Shoal and Dudgeon Offshore Wind Farms, which currently power around 710,000 UK homes.

The Sheringham Shoal and Dudgeon offshore wind farm Extension Projects will be developed as a single project. By aligning the partnership to merge two joint ventures, a simplified and collaborative model will help unlock further opportunities whilst simultaneously derisking development for both generation and transmission.

Development consent approval for both projects was obtained in April 2024 which was the first time in the UK that two offshore wind projects under separate ownership were awarded consent under a shared application. The consent allowed for single, joint or sequential development options. The new ownership structure enables a cost-effective joint development of the two projects whilst minimising environmental and local impact in Norfolk, contributing positively to the UK’s ambition of delivering clean power by 2030.

Together with the operational Sheringham Shoal and Dudgeon offshore wind farms, the Extension Project in Norfolk aims to power nearly 1.5 million UK homes and generate over £370 million in direct gross value added (GVA) to the East Anglia and UK economy.

The Dudgeon Extension Project is owned 35% by Equinor, 35% by Masdar and 30% by China Resources Power, whilst Sheringham Shoal Extension Project is currently 100% owned by Equinor, with Equitix Offshore 3 Limited (co-owned by funds managed by Equitix and The Renewables Infrastructure Group (TRIG)) and Macquarie Asset Management (via Macquarie GIG Renewable Energy Fund 1) having options to acquire a total of 60% interests at Final Investment Decision (FID).

Commenting on the announcement, Halfdan Brustad, Equinor’s Vice President UK Renewables said:

Husain Al Meer, Masdar’s Director of Global Offshore Wind and UK Operations, said:

A spokesperson for the option holders, Equitix, TRIG and Macquarie Asset Management said:

Project partners will continue to mature the development toward FID.

• Inauguration highlights long-term partnership between UAE and Uzbekistan that includes investment and development of renewable energy in the country

• Masdar has 2GW of committed renewable energy projects in Uzbekistan, with an additional pipeline of 4GW

• Zarafshan is part of Uzbekistan’s ambitious plan to achieve 20GW of clean energy capacity by 2030

The President of the Republic of Uzbekistan, His Excellency Shavkat Mirziyoyev, has inaugurated the 500MW Zarafshan wind farm, the largest operating in Central Asia to date, developed by Abu Dhabi Future Energy Company PJSC – Masdar, one of the world’s leading clean energy companies.

At the inauguration, HE President Mirziyoyev was joined by HE Dr Sultan Al Jaber, UAE Minister of Industry and Advanced Technology, COP28 President and Chairman of Masdar, UAE Minister of Energy and Infrastructure, Suhail Mohamed Faraj Al Mazrouei and high-level government and state representatives for the Government of Uzbekistan.

Masdar has committed to invest USD2 billion in clean energy projects in Uzbekistan that have a total capacity of more than 2GW. In addition, Masdar has a pipeline of 4GW of renewables projects in the early stages of development.

Uzbekistan has ambitions to achieve 20GW of clean energy capacity by 2030 and Masdar is working to deliver some of Central Asia’s most important clean energy projects in the country, including the largest solar and wind farms in the region, and its first battery storage project.

HE Dr Sultan Al Jaber, UAE Minister of Industry and Advanced Technology and Chairman of Masdar, said:

UAE Minister of Energy and Infrastructure Suhail Mohamed Faraj Al Mazrouei said:

Masdar Chief Executive Officer, Mohamed Jameel Al Ramahi said:

Masdar and the Uzbekistan Ministry of Energy also signed an agreement at COP29 to develop a 1GW wind farm in the Mingbulak region of Uzbekistan. The new wind farm will create 1,000 jobs during construction and 60 jobs during operation and deliver clean energy to 300,000 homes in the region once completed. The agreement marks the first phase of a broader strategy to establish three wind farms in the country.

Since its establishment in 2006, Masdar has been a key enabler of the UAE’s vision as a global leader in sustainability and climate action. The company has developed and partnered in projects in over 40 countries, with a mandate to increase its renewable energy portfolio capacity to 100GW by 2030 and to become a leading producer of green hydrogen by the same year. It has set a target of 1 million tonnes per annum of green hydrogen or equivalent derivatives in the UAE and globally within a decade.

• Masdar has successfully completed the acquisition of 70% of the outstanding shares of TERNA ENERGY to become majority shareholder of the Greek clean energy champion

• Following the closing of the transaction, Masdar will seek regulatory approvals for launch of an all-cash mandatory tender offer to acquire all the remaining shares

• Masdar will bring long-term capital and global expertise to supercharge TERNA ENERGY’s growth plans as it targets 6GW of renewable energy operational capacity by 2029, supporting the energy transition in Greece and Eastern Europe

• The acquisition will play an important role in growing Masdar’s portfolio in Europe as it targets 100GW global capacity by 2030

Abu Dhabi Future Energy Company PJSC – Masdar (“Masdar”), the UAE’s clean energy leader, announced today that it has successfully completed the acquisition of 70% of the outstanding shares of TERNA ENERGY SA (TENERGY.AT) from GEK TERNA SA (GEKTERNA.AT) and other shareholders, and received all regulatory approvals. The deal, agreed at a price of 20 euros per share, valued TERNA ENERGY at an enterprise value of 3.2bn euros, representing the largest ever energy transaction on the Athens Stock Exchange, and one of the largest in the EU renewables industry.

Following the closing of the transaction, Masdar will seek regulatory approvals from the Hellenic Capital Markets Commission (HCNC), for the launch of an all-cash mandatory tender offer (“MTO”) to acquire the outstanding shares of TERNA ENERGY.

TERNA ENERGY has been a key player in the renewable energy sector for over two decades, holding the largest and most diversified portfolio in Greece, as well as projects in Bulgaria and Poland. The company owns and operates clean energy projects across wind, solar, biomass and hydro technologies - Greece's renewable energy leader is also building one of the largest pumped hydro projects in Europe, the 680MW Amfilochia project. With TERNA ENERGY currently operating a capacity of 1.2 gigawatts (GW), the acquisition reflects Masdar’s confidence in the company’s impressive growth potential, targeting 6GW by 2029. TERNA ENERGY will play an important role in enhancing Masdar’s portfolio across Europe as it targets 100GW global capacity by 2030 in support of the energy transition.

Mohamed Jameel Al Ramahi, Chief Executive Officer of Masdar, commented:

Georgios Peristeris, Chairman and CEO of GEK TERNA, and Executive Chairman of TERNA ENERGY, said:

Masdar has retained Rothschild & Co. as sole financial advisor, and Simmons & Simmons, Bernitsas Law, Latham & Watkins as legal advisors, in connection with the transaction and financing.

GEK TERNA Group was supported by Reed Smith LLP and Potamitis Vekris, who were the international and Greek legal advisors for the transaction respectively, while Morgan Stanley has been acting as sole financial advisor to TERNA ENERGY.

• Silk Road Fund intends to invest up to RMB 20 billion (equivalent to USD 2.8 billion) in projects alongside Masdar

• Collaboration will focus on projects primarily in the developing world and global south

• Aligns with Silk Road Fund’s goal to provide investment and financing support for sustainable development in Belt and Road countries and projects

Abu Dhabi Future Energy Company PJSC – Masdar, the UAE’s clean energy powerhouse, and China’s Silk Road Fund (SRF) have signed a Memorandum of Understanding (MoU) to explore potential co-investment opportunities in renewable energy projects in Belt and Road Initiative (BRI) countries, primarily in the developing world and global south.

The MoU was signed at COP29 by Masdar Chief Executive Officer, Mohamed Jameel Al Ramahi and the Silk Road Fund Chairwoman, ZHU Jun.

Under the MoU, Masdar and Silk Road Fund will establish a strategic partnership to pursue co-investment opportunities in renewable energy projects developed, invested in or operated by Masdar. Silk Road Fund plans to invest up to RMB 20 billion (equivalent to USD 2.8 billion) in projects alongside Masdar.

Masdar has significant investments in the Middle East, Central Asia, Southeast Asia and Africa, many of which are participants in the Belt and Road Initiative. The company will continue to invest in these regions as part of its strategy to reach 100GW renewable energy capacity by 2030.

SRF’s renewable power portfolio totals more than 7GW in Belt and Road regions, including the Middle East, Africa, Southeast Asia and Latin America. SRF honors its sustainablility philosophy by working with top-notch strategic and financial partners to help realize the United Nation’s vision of sustainable development.

Commenting on the MoU, Masdar’s Chief Executive Officer, Mohamed Jameel Al Ramahi said:

Silk Road Fund’s Chairwoman, Zhu Jun said:

The BRI connects Asia, Europe, Africa and other parts of the world through a network of infrastructure and trade projects. It serves as a vital link to bolster economic, trade, and investment interactions among the participating countries and regions.

The UAE has been an active partner in the BRI since the initiative was launched and has already invested $10 billion in a joint China-UAE investment fund to support BRI projects in East Africa.

Since its establishment in 2006, Masdar has been a key enabler of the UAE’s vision as a global leader in sustainability and climate action. The company has developed and partnered in projects in over 40 countries, with a mandate to increase its renewable energy portfolio capacity to 100GW by 2030 and to become a leading producer of green hydrogen by the same year. It has set a target of 1 million tonnes per annum of green hydrogen or equivalent derivatives in the UAE and globally within a decade.

• Financing secured for 445MWac Bilasuvar and 315MWac Neftchala solar projects

• Agreements with EBRD, ADB and AIIB signed at COP29 in Baku. Total project costs expected to be more than USD 600 million

• Construction on solar parks due to complete by the first quarter of 2027

Abu Dhabi Future Energy Company PJSC – Masdar, the UAE’s clean energy powerhouse, and SOCAR Green, a wholly-owned subsidiary of SOCAR dedicated to sustainable projects, have reached financial close for the 445MW Bilasuvar and 315MW Neftchala solar projects in Azerbaijan.

The European Bank for Reconstruction and Development (EBRD), the Asian Development Bank (ADB) and the Asian infrastructure and Investment Bank (AIIB) are financing the two solar projects, with the total cost expected to be more than USD 600 million.

The agreements were signed on the sidelines of COP29 in Baku. They were witnesses by H.E. Parviz Shahbazov, Minister of Energy for the Republic of Azerbaijan, Abdulaziz AlObaidli, COO of Masdar, Afgan Isayev, Vice President of SOCAR, and Harry Boyd-Carpenter, Managing Director, Climate Strategy and Delivery at EBRD.

The agreements were signed by Abdulla Zayed, Director of Business & Project Development at Masdar, Elmir Musayev, General Director of SOCAR Green, Aida Sitdikova, Director Energy Eurasia, Middle East and Africa at EBRD, James Lok, Lead Investment Officer, Project and Corporate Finance Clients Department, Global at AIIB, and Mayank Choudhary, Director, Private Sector Operations Department at ADB.

Masdar and SOCAR Green broke ground on the Bilasuvar and Neftchala solar parks during a ceremony at Baku Energy Week in June 2024. Construction on the projects is due to be completed by the first quarter of 2027.

H.E. Dr Sultan Al Jaber, UAE Minister of Industry and Advanced Technology, Chairman of Masdar, and COP28 President, said:

H.E. Parviz Shahbazov, Minister of Energy for the Republic of Azerbaijan, said:

Masdar Chief Executive Officer Mohamed Jameel Al Ramahi said:

Rovshan Najaf, President of SOCAR, said:

Masdar is dedicated to supporting Azerbaijan’s energy transition. It has signed agreements to develop onshore wind and solar projects and integrated offshore wind and green hydrogen projects with a total combined capacity of 10GW. Its first project in Azerbaijan, the 230MW Garadagh solar plant, was inaugurated in October last year.

Since its establishment in 2006, Masdar has been a key enabler of the UAE’s vision as a global leader in sustainability and climate action. The company has developed and partnered in projects in over 40 countries, with a mandate to increase its renewable energy portfolio capacity to 100GW by 2030 and to become a leading producer of green hydrogen by the same year.

Established in 2024, SOCAR Green is a wholly-owned subsidiary of SOCAR, a global energy company headquartered in Azerbaijan. Positioned at the forefront of the nation's transition to renewable energy, SOCAR Green drives the implementation of clean energy initiatives, including large-scale solar, wind, and green hydrogen projects. Through strategic partnerships with international leaders in renewable energy, SOCAR Green supports Azerbaijan’s commitment to achieving its national climate targets and contributing to global sustainability goals.

• Power Purchase Agreement for wind farm signed on sidelines of COP29

• 1GW wind farm in Kazakhstan’s Jambyl region is Masdar’s inaugural project in the country

Abu Dhabi Future Energy Company PJSC – Masdar, the UAE’s clean energy powerhouse, has signed a Power Purchase Agreement (PPA) with the Financial Settlement Centre for Renewable Energy Sources Support LLP for its 1GW wind farm in the Jambyl region of Kazakhstan.

The signing took place on the sidelines of COP29 in Baku and was witnessed by Sungat Yessimkhanov, Vice Minister of Energy of Kazakhstan and H.E. Sharif Al Olama, Undersecretary for Energy & Petroleum Affairs, Ministry of Energy and Infrastructure of the United Arab Emirates.

The agreement was signed by Abdulla Zayed, Director, Business and Project Development of Masdar and Gulzhan Nalibayeva, General Director of the Financial Settlement Centre for Renewable Energy Sources Support LLP.

It comes just days after Masdar signed the Investment Agreement for the project with the Ministry of Energy of Kazakhstan , which is set to be one of the largest wind farms in the Commonwealth of Independent States (CIS) region.

Mohamed Jameel Al Ramahi, CEO of Masdar, said:

Gulzhan Nalibayeva, General Director of the Financial Settlement Centre for Renewable Energy Sources Support LLP, said:

The wind farm is Masdar’s inaugural project in Kazakhstan, Central Asia's largest economy. It is located in the south of the country and features a 600-megawatt-hour (MWh) Battery Energy Storage System (BESS).

Masdar is the lead developer for the 1GW project, along with W Solar, Qazaq Green Power (a Samruk-Kazyna Group company), and the Kazakhstan Investment Development Fund.

Construction of the wind farm is expected to commence by Q1 2026. When completed, it will provide power to approximately 300,000 homes in the south of Kazakhstan, avoiding 2 million tonnes of CO2e emissions per year.

Today’s announcement builds on a commitment the governments of the UAE and Kazakhstan made at COP28 to cooperate on developing Kazakhstan’s renewables sector. The wind farm will support Kazakhstan’s ambitions to increase renewables capacity to 15 percent of its energy supply by 2030 (and to 50 percent by 2050) and achieve carbon neutrality by 2060.

Since its establishment in 2006, Masdar has been a key enabler of the UAE’s vision as a global leader in sustainability and climate action. The company has developed and partnered in projects in more than 40 countries, with a mandate to increase its renewable energy portfolio capacity to 100GW by 2030 and to become a leading producer of green hydrogen by the same year.

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Wind farms can represent a real risk for birds of prey but thanks to the power of AI, Masdar is helping to protect them against the risk of colliding with turbines at the 500MW Zarafshan wind farm in Uzbekistan.

In the largest implementation of AI into biodiversity protection at a wind farm anywhere in the world, Masdar has deployed Identiflight technology to detect birds of prey flying in the area around the wind turbines.

The system sends a signal to the operation centre to shut the wind turbine down if a bird is flying in the area and there is a risk of collision. Once the bird has left the area, it turns the turbine back on.

As one of the world’s leading clean energy companies, Masdar places a very high value on developing renewable energy projects that take into account minimisation of the impact to biodiversity.

There are around 110 wind turbines installed at the Zarafshan Wind Farm, with over 70 Identiflight towers deployed across the project to monitor resident and migratory species in the vicinity.

Birds of prey, which provide critical ecosystem services and are key for healthy habitats around the world, are particularly vulnerable due to their low lifespans, low reproductive rates, and general scarcity. They are also high risk due to their migratory habits.

• Memorandum of Understanding (MoU) signed at COP29 in Baku, Azerbaijan

• Expanding on existing partnerships, MoU aims to develop offshore wind projects for the first time in Azerbaijan

• Projects to support Azerbaijan’s and region’s energy transition targets

Abu Dhabi Future Energy Company PJSC – Masdar, the UAE’s clean energy powerhouse, has signed a Memorandum of Understanding (MoU) with SOCAR Green, a wholly-owned subsidiary of SOCAR dedicated to sustainable projects, and Saudi-listed ACWA Power, the world’s largest private water desalination company, leader in energy transition and first mover into green hydrogen, to develop 3.5 gigawatts (GW) of offshore wind projects in the Azerbaijan section of the Caspian Sea.

The potential projects would be Azerbaijan’s first offshore wind farms. The agreement supports plans by Azerbaijan to develop renewable energy, green hydrogen and water desalination projects.

The MoU was signed by Rovshan Najaf, President of SOCAR, Abdulaziz Alobaidli, Chief Operating Officer of Masdar, and Marco Arcelli, Chief Executive Officer of ACWA Power. Under the agreement, the signing parties will follow a Corporation Roadmap to identify key development milestones they want to achieve in the development of offshore wind in the country.

Mohamed Jameel Al Ramahi, CEO of Masdar, said:

Marco Arcelli, Chief Executive Officer of ACWA Power, said:

Rovshan Najaf, President of SOCAR, said:

The new offshore wind projects will contribute to Azerbaijan’s growing renewable energy portfolio and complement Masdar’s existing projects, which include Masdar’s landmark 230MW capacity Garadagh solar power plant, along with the 315MW Neftchala Solar Power Plant and 445MW Bilasuvar Solar Power Plant, both jointly developed with SOCAR Green; and ACWA Power’s 240MW Khizi-Absheron wind power plant.

These initiatives are designed to enhance energy security, create jobs and drive sustainable economic growth in Azerbaijan. This aligns with the consortium’s commitment to support Azerbaijan’s transition to net-zero emissions by 2050.

Established in 2024, SOCAR Green is a wholly-owned subsidiary of SOCAR, a global energy corporation headquartered in Azerbaijan. Positioned at the forefront of the nation's transition to renewable energy, SOCAR Green drives the implementation of clean energy initiatives, including large-scale solar, wind, and green hydrogen projects. Through strategic partnerships with international leaders in renewable energy, SOCAR Green supports Azerbaijan’s commitment to achieving its national climate targets and contributing to global sustainability goals.

ACWA Power entered the Azerbaijan market in 2019, with the intention of supporting the Central Asian nation in meeting its ambitious renewables integration, greenhouse gas (GHG) emissions reduction, and decarbonization targets and continues to expand its geographic footprint in the country with its 240MW Khizi-Absheron wind farm in advanced construction stage.

Since its establishment in 2006, Masdar has been a key enabler of the UAE’s vision as a global leader in sustainability and climate action. The company has developed and partnered in projects in over 40 countries, with a mandate to increase its renewable energy portfolio capacity to 100GW by 2030 and to become a leading producer of green hydrogen by the same year.