Masdar to purchase 50% stake in Terra-Gen from Energy Capital Partners
Igneo Infrastructure Partners will remain as a partner in the company.
Abu Dhabi Future Energy Company (Masdar) has signed a definitive agreement for the acquisition of a 50% stake in Terra-Gen Power Holdings II, LLC (Terra-Gen) from Energy Capital Partners (ECP).
Through the purchase, ECP will entirely withdraw from its position in Terra-Gen, whilst Igneo Infrastructure Partners will retain its existing 50% stake in the company.
Masdar has also committed to supporting Terra-Gen’s growth as a leading operator of utility-scale clean energy projects, elevating Masdar’s strategic investments in the expanding US renewable energy market.
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“Our investment in Terra-Gen’s impressive energy portfolio expands our existing U.S. footprint and reinforces Masdar’s long-term commitment across our U.S. portfolio. This transaction unites one of the largest independent renewable energy producers in the U.S. with Masdar,” Mohamed Jameel Al Ramahi, CEO of Masdar, said.
Currently, Terra-Gen has operated over 2.4 GW of wind and solar, and 5.1 GWh of energy storage facilities across 32 renewable facilities throughout the U.S. And Masdar’s U.S. portfolio of utility-scale wind, solar and storage assets has generated over 1.4 GW.
The acquisition is expected to be finalised by the end of 2024, subject to regulatory approvals.