1. Masdar to acquire 50% stake in US renewables company Terra-Gen Power.
2. Terra-Gen has a diverse portfolio of renewable technologies, including 2.4GW of wind and solar power generation.
3. The deal is expected to close by the end of the year, subject to regulatory approvals, with both companies committed to accelerating Terra-Gen’s growth in the US renewable energy market.
Masdar, a United Arab Emirates-based company, has acquired a 50% stake in US renewables company Terra-Gen Power from Energy Capital Partners. Terra-Gen, established in 2007, has a diverse portfolio of renewable technologies and a strong presence in the US market, with operations in California and Texas. They currently operate 2.4GW of wind and solar power generation and 5.1GWh of energy storage across 32 sites, showing significant growth since its acquisition by ECP in 2015.
Under the joint stewardship of Igneo and ECP since 2020, Terra-Gen has expanded its generating capacity and storage capabilities, adding over 1GW of generating capacity and 5GWh of storage. Masdar’s investment in Terra-Gen marks its entry into the US renewable energy market, aiming to strengthen its presence and commitment to clean energy projects globally. The deal is expected to close by the end of the year, subject to regulatory approvals.
Terra-Gen’s CEO, Jim Pagano, emphasized their commitment to responsible energy projects and expressed excitement to work with Masdar, a partner with a track record of commitment to decarbonization and clean energy projects. Earlier in the month, Masdar also completed acquiring a stake in the Dogger Bank South offshore wind projects in the UK, further showcasing their commitment to renewable energy projects worldwide.