UAE’s Masdar bids for Brookfield’s Spanish renewables unit: Reports

Four bidders – China Three Gorges, UAE firm Masdar and French energy companies Engie and Total are expected to file final offers to buy Spanish renewables firm Saeta Yield, newspaper Cinco Dias reported on Friday.

Saeta Yield, owned by Canadian fund Brookfield, is valued at an estimated EUR1.7bn($1.82bn)including debt, the Spanish newspaper reported, citing unidentified financial sources.

Brookfield pushes forward sale process for Saeta Yield

Brookfield started the sales process last year, sources told Reuters in December.

It bought the company from Spanish construction group ACS for EUR1bn in 2018.

Saeta Yield owns 28 wind farms, 10 photovoltaic parks and 7 solar thermal plants in Spain and Portugal, according to its website. Brookfield intends to retain the thermal plants, Cinco Dias reported.

Brookfield, Masdar, Engie and Total did not immediately respond to requests for comment. Three Gorges was not immediately available for comment.

Spain and Portugal’s abundant solar and wind resources and their governments’ carbon emission reduction targets are attracting both domestic and foreign investors.

Read: Masdar to pick up 67% stake in Greece’s Terna Energy