Masdar agreed to buy Spanish renewable energy firm Saeta Yield SA from Brookfield Asset Management in a deal with an enterprise value of 4.8 billion dirhams ($1.3 billion).

Abu Dhabi state-backed clean energy company Masdar is to buy Spanish renewables group Saeta Yield from Brookfield at a $1.4bn valuation, its second investment in the country’s green energy sector this year.

Abu Dhabi Future Energy Company PJSC - Masdar ("Masdar"), the UAE's clean energy powerhouse, today announced the proposed acquisition of Saeta Yield ("Saeta") from Brookfield Renewable (NYSE: BEP), (BEPC;

United Arab Emirates' renewable energy company Masdar said on Tuesday it has reached an agreement to buy green energy firm Saeta Yield from Canada's Brookfield's in a deal valuing the company at $1.4 billion.

Abu Dhabi clean energy company Masdar has signed definitive agreements with Brookfield Renewable and its institutional partners to fully acquire Spanish renewable energy company Saeta Yield. Masdar is investing Dh2.

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.Most Read from BloombergUnlocking the Hidden Power of Zoning,