Renewable Energy Masdar to buy 50% stake in US green energy producer By Pramod Kumar March 20, 2024, 4:39 AM Masdar The US market plays an important role in Masdar's plan as it builds a global renewable energy portfolio of 100 GW capacity by 2030 UAE’s clean energy company Masdar has signed a deal to acquire a 50 percent stake in Terra-Gen Power Holdings II, one of the largest independent renewable energy power producers in the US. Masdar will buy the stake from Energy Capital Partners, a US investment company. No financial details on the deal were shared. Igneo Infrastructure Partners, an Australian infrastructure investment manager, will retain its 50 percent stake in the company, which was acquired in December 2020. NewsletterGet the Best of AGBI delivered straight to your inbox every week Established in 2007, Terra-Gen operates 2.4 gigawatts (GW) of wind and solar and 5.1 GWh of energy storage facilities across 32 renewable power sites throughout the US, mainly in California and Texas. Masdar moved into the US energy market in 2019 with its renewable portfolio now generating more than 1.4 GW. The US market plays an important role in the UAE company’s plan as it builds a global renewable energy portfolio of 100 GW capacity by 2030. Masdar opens solar energy plant in the Caribbean Masdar acquires 49% stake in UK’s offshore wind farms DP World and Masdar link up for project to decarbonise ports “Our investment in Terra-Gen’s impressive energy portfolio expands our existing US footprint and reinforces our long-term commitment across our US portfolio,” said Masdar CEO Mohamed Jameel Al Ramahi. The transaction is expected to close by the end of 2024, subject to regulatory approvals. Earlier this month Masdar began operations on a hurricane-resistant solar power project in Antigua and Barbuda. Established in 2006, Masdar is active in more than 40 countries and has over 20 GW of capacity including operational, under construction or advanced development projects in its worldwide portfolio.
