Tuesday marked the completion of Abu Dhabi Future Energy Company’s (Masdar) acquisition of Energy Capital Partners’ (ECP) 50% share in Terra-Gen Power Holdings II, one of the biggest independent renewable energy producers in the US.
In conjunction with the transaction’s closure, ECP, one of the biggest private investors in power and renewable assets in the US, has completely sold its stake in Terra-Gen. The current 50% ownership of Terra-Gen is retained by global infrastructure investment firm Igneo Infrastructure Partners (Igneo).
The agreement, which is among Masdar’s biggest transactions, strengthens Masdar’s standing in the US.
Masdar has a track record of investing, creating, owning, and running clean energy projects in the US; it first entered the market in 2019.
Its US portfolio of utility-scale wind, solar, and storage assets had a generating capacity of more than 1.4GW prior to the Terra-Gen acquisition. Terra-Gen’s scalable platform and the US market will be crucial in helping Masdar fulfil its 2030 goal of adding 100GW of capacity to its global portfolio of renewable energy sources.
Currently, Terra-Gen’s total operating portfolio consists of 3.8GW of solar, wind, and battery storage projects. Of these, 5.1GWh of energy storage facilities are spread over 30 renewable power sites in the US, most of which are in Texas and California.
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