Home → News → Institutions → The UAE’s “Masdar” acquires 50% of the American “Terragen Power”.
Abu Dhabi Future Energy Company (Masdar) said on Tuesday that it has signed a definitive agreement to acquire a 50% stake in Terra-Gen Power Holdings – one of the largest independent producers of renewable energy in the United States – from Energy Capital Partners. ".
Masdar revealed in a press release on its website that the deal is expected to close by the end of 2024, subject to obtaining regulatory approvals and other requirements.
Energy Capital Partners, an investor in energy transition, electricity and decarbonisation infrastructure assets, will fully divest its stake in Terra-Gen under the deal, according to what was reported by the Arab World News Agency.
The statement stated that Ignew Infrastructure Partners, a global company specialized in managing investments in infrastructure, will retain the remaining interest in Terra-Gen Power Holdings.
Terra-Gen, founded in 2007, has a proven track record of owning, developing and operating assets using a wide range of diverse renewable energy technologies in the most attractive markets for renewables and energy storage in the United States.
The statement added that Terra-Gen currently operates approximately 2.4 gigawatts of solar and wind energy projects, in addition to operating energy storage facilities with a capacity of 5.1 gigawatts per hour within 32 renewable energy sites in the United States, most of which are concentrated in the states of California. And Texas.
The statement indicated that “Masdar” will support the achievement of its aspirations to expand in the American market by contributing to accelerating the pace of “Terra-Gen” growth, through its experience as a pioneering company in developing and operating clean energy projects at the utility level.
The deal aims to enable Terra-Gen to continue its growth path and consolidate the transformation achieved under the ownership of Energy Capital Partners, in addition to accelerating the pace of long-term growth as part of the Masdar and Agnew portfolios, according to the statement.
The statement stated that Energy Capital acquired Terra-Gen in 2015.
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