Abu Dhabi Future Energy Company– Masdar (Masdar), the UAE-based clean energy company, has announced the completion of its acquisition of a 50% stake in Terra-Gen Power Holdings II, (Terra-Gen), one of the largest independent renewable energy producers in the US, from Energy Capital Partners (ECP).
ECP, a prominent private investor in power and renewable assets in the US, has fully exited its position in Terra-Gen following the closing of this transaction. Igneo Infrastructure Partners (Igneo), a global infrastructure investment manager, will retain its 50% stake in Terra-Gen.
Marking one of Masdar’s largest transactions to date, this acquisition strengthens the company’s presence in the US. Masdar first entered the U.S. market in 2019 and has a well-established track record of financing, developing, owning, and operating clean energy projects across the country.
Prior to the Terra-Gen acquisition, Masdar’s U.S. portfolio of utility-scale wind, solar, and storage assets had a generating capacity exceeding 1.4GW. Both the US market and Terra-Gen’s scalable platform will be key to Masdar’s plan to expand its global renewable energy portfolio to 100GW by 2030.
Terra-Gen’s gross operating portfolio currently includes 3.8GW of wind, solar, and battery storage projects, with 5.1GWh of energy storage capacity spread across 30 renewable power sites in the US, primarily in California and Texas.
Terra-Gen is also in the process of developing more than 12GW of wind, solar, and battery storage projects across the U.S. The development pipeline includes projects in California, Texas, and New York, featuring 386MW of wind power in Texas, solar installations in California, and 512MWh of energy storage facilities in California, all of which are expected to begin commercial operations in 2025.
Founded in 2006, Masdar has been dedicated to advancing renewable energy projects worldwide. The acquisition of a 50% stake in Terra-Gen marks another key milestone in the company’s efforts to support the goals outlined in the historic UAE Consensus, which aims to triple global renewable energy capacity by the end of this decade.
Masdar CEO Mohamed Jameel Al Ramahi said: “Terra-Gen’s experienced management team and scalable platform make it the ideal partner, as we work to increase our presence and investment in the U.S. as part of Masdar’s commitment to a long-term strategy in this important market. “We look forward to partnering with Igneo to enhance Terra-Gen’s capabilities and position it as a leading developer, owner and operator of reliable and clean renewable energy in the US.”
