(Bloomberg) -- Masdar agreed to buy Spanish renewables firm Saeta Yield SA from Brookfield Asset Management, as the Abu Dhabi-based company pursues ambitious clean-energy goals.

The United Arab Emirates is expanding rapidly into renewable energy, with Masdar announcing investment projects with Spain’s Iberdrola SA and Germany’s RWE AG at the end of last year. Masdar’s renewables business is 43% owned by Abu Dhabi National Energy Co. PJSC, or Taqa, which earlier this year tried to buy a controlling stake in Spanish utility Naturgy Energy Group SA.

Masdar said the deal gives Saeta an enterprise value of $1.4 billion. The UAE company is investing 2.8 billion dirhams ($762 million) of equity, Taqa said in a separate statement. The transaction is Masdar’s second clean-energy deal in Spain in as many months, after agreeing in July to buy a minority stake in a portfolio of solar farms from an Enel SpA subsidiary.

By 2030, Masdar aims to have equity investments in 100 gigawatts of renewable power projects that are “operational, under construction or secured.” Last year, Taqa said Masdar may spend about $50 billion on solar and wind energy to reach that goal.

Saeta’s portfolio includes about 745 megawatts of onshore wind and solar power assets, plus around 1.6 gigawatts of projects under development across Spain and Portugal.

Brookfield has owned Saeta since 2018, when it took the Madrid-based company private. It was previously listed in early 2015 amid an investor frenzy for so-called yieldcos — a type of renewable-energy firm whose plants produce a steady flow of dividends and require low investment.

Citigroup Inc. advised Masdar on the deal, while Brookfield worked with Banco Santander SA and Societe Generale SA. Bloomberg first reported that Masdar was nearing an acquisition of Saeta on Friday.

Mark Carney, chair of Brookfield Asset Management, is also chair of Bloomberg Inc.

(Updates with names of advisers in the last paragraph.)

Most Read from Bloomberg Businessweek

• Palantir’s CEO and Wall Street Annoy Each Other Straight to the Bank

• Five Reasons to Be Optimistic About the Entertainment Business

• Threats to Local US Election Officials Are Rising, and More Workers Are Quitting

• The Man Who Made Nike Uncool

• In Yosemite, Problems With Concessions Keep Piling Up

©2024 Bloomberg L.P.