Masdar (Abu Dhabi Future Energy Company) has been on an acquisition spree this year, with its latest move being a $1.4bn takeover of Iberia-based Saeta Yield from Brookfield. This pushes their total 2024 M&A to a staggering $4.6bn! Some of the standout deals include:
-- Acquiring 67% of TERNA ENERGY for ~$2.3bn
-- Taking 49.99% of Endesa’s 2.5 GW portfolio in Spain for $921.6mn
-- Securing 50% of Terra-Gen from Energy Capital Partners
So, what’s driving this buying frenzy?
Masdar is capitalizing on favorable market conditions in the EU and US, as platform and portfolio valuations soften amid elevated capital costs. Backed by TAQA, Mubadala, and ADNOC, the company aims to leverage these opportunities to achieve its ambitious goal of reaching 100 GW of renewable capacity by 2030—requiring a fivefold increase from its current portfolio.
They’re not alone. Here are some other big players following suit:
-- Energy Capital Partners’ $7.5bn acquisition of Atlantica Sustainable Infrastructure in May'24
-- GIP & CPP Investments’ $6.2bn takeover of US utility Allete in May'24
-- KKR & Viessmann’s $5.1bn deal for Encavis in Mar'24
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