Abu Dhabi Future Energy Company (Masdar) has completed the acquisition of Energy Capital Partners’ (ECP) 50% stake in Terra-Gen, one of the largest independent renewable energy power producers in the United States.
As a result of the deal, ECP will fully exit its position in Terra-Geo, while Igneo Infrastructure Partners retains its existing 50% stake in the company.
This acquisition is one of Masdar’s largest to date and reinforces its commitment to the US market, which it entered in 2019. Prior to the Terra-Gen deal, Masdar’s US portfolio included over 1.4GW of utility-scale wind, solar, and storage assets.
Dr. Sultan Al Jaber, Minister of Industry and Advanced Technology, COP28 President and Chairman of Masdar, said, “The UAE and US have long been partners in efforts to advance clean energy, a collaboration culminating in the Partnership for Accelerating Clean Energy (PACE) agreement. Masdar has a strong track record of supporting US renewable energy projects, and the acquisition of Terra-Gen reaffirms this long-standing commitment.
“This transaction unlocks further economic opportunities from green growth, and aligns with the global ambition to triple renewable energy capacity, in line with the historic UAE Consensus reached at COP28.”
Terra-Gen’s current portfolio includes 3.8GW of wind, solar, and battery storage projects across 30 sites primarily in California and Texas. The company is also developing more than 12GW of new projects in the US, including major wind, solar and storage projects in California, Texas, and New York.
In January 2023, UAE and US officials announced a $20 billion allocation to fund 15GW of clean energy projects in the US by 2035 under the PACE agreement, with Masdar leading the initiative alongside a consortium of US private investors.
Masdar is aiming for a renewable energy portfolio capacity of 100GW by 2030, supporting the target to triple global renewables capacity by the end of this decade.
