Abu Dhabi Future Energy Company (Masdar) has announced signing a definitive agreement to acquire a 50 percent stake in Terra-Gen from Energy Capital Partners (ECP). This strategic move underscores Masdar’s commitment to expanding its presence in the U.S. market. Moreover, it supports its goals of accelerating the transition towards clean energy.
ECP is a key player in the energy transition and decarbonization of infrastructure investments. Igneo Infrastructure Partners will retain its existing 50 percent stake in Terra-Gen.
Established in 2007, Terra-Gen has emerged as a leading provider of end-to-end renewable project development, financing and operating capabilities in the U.S. It has approximately 2.4 GW of wind and solar capacity. Moreover, it has 5.1 GWh of energy storage facilities across 32 renewable power sites.
Accelerating growth and transformation
Masdar’s acquisition will support its ambitions of becoming a market leader in renewable energy. Hence, Masdar’s extensive experience in funding, developing and operating clean energy projects globally will complement Terra-Gen’s ambitions to expand its renewable capacity and portfolio in the U.S. market. Moreover, it aligns with Masdar’s vision to build a global renewable energy portfolio of at least 100 GW capacity by 2030.
Mohamed Jameel Al Ramahi, CEO of Masdar, said: “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.” Al Ramahi added that this transaction unites Masdar with one of the largest independent renewable energy producers in the U.S.
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Sustainable growth
For his part, Jim Pagano, CEO of Terra-Gen, explained that Terra-Gen is committed to developing responsible energy projects that benefit local communities and future generations. Working with ECP allowed Terra-Gen to build a strong and resilient business that is set for long-term growth.
“We are excited to work with Masdar, a like-minded partner with a track record of commitment to decarbonization and clean energy projects in the U.S. and around the world,” he added.
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