The Abu Dhabi Future Energy Company, Masdar, has acquired a 50% stake in Terra-Gen, a leading independent renewable energy producer in the United States, from Energy Capital Partners. This move marks a significant step for Masdar, known for its ambitious projects like the zero-energy city in Abu Dhabi.
Energy Capital Partners has fully exited its position in Terra-Gen as part of this transaction, while Igneo Infrastructure Partners retains the remaining 50% stake in Terra-Gen. This acquisition is a strategic move by Masdar to expand its presence in the US market, where it aims to build 100GW of renewable energy capacity globally by 2030.
Prior to this acquisition, Masdar already had a portfolio of utility-scale wind, solar, and storage assets with a generating capacity of over 1.4GW in the US. The partnership with Terra-Gen further strengthens Masdar’s commitment to sustainable energy development.
Terra-Gen currently operates wind, solar, and battery storage projects totaling 3.8GW, with additional projects under development in California, Texas, and New York. This acquisition aligns with the UAE’s long-standing partnership with the US in promoting clean energy initiatives.
Commenting on the acquisition, Sultan Al Jaber, the UAE Minister of Industry and Advanced Technology, and Chairman of Masdar, emphasized the importance of the US-UAE collaboration in advancing clean energy goals. Mohamed Jameel Al Ramahi, CEO of Masdar, highlighted Terra-Gen’s expertise and scalability as key factors in the partnership.
The acquisition of Terra-Gen by Masdar exemplifies the commitment of both countries to renewable energy development and sets a positive precedent for future collaborations in the clean energy sector.
Terra-Gen wind turbines
The strategic acquisition of Terra-Gen aligns with Masdar’s vision for sustainable energy development in the US and beyond, strengthening the UAE’s ties with the US in advancing clean energy projects.
