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UAE state-owned renewables energy developer Masdar has acquired a 50% stake in US independent power producer (IPP) Terra-Gen from Energy Capital Partners.
The transaction is expected to close by the end of 2024. After the acquisition, Igneo Infrastructure Partners will retain its existing 50% stake in the company. Currently, Terra-Gen operates about 2.4GW of solar and wind projects and 5.1GWh of energy storage facilities across 32 sites in the US, predominantly in California and Texas.
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Masdar first invested in the US market in 2019, boasting utility-scale solar and wind projects with a generation capacity of more than 1.4GW. The US market will “play an important role” in Masdar’s plan to build a global renewable energy portfolio of at least 100GW by 2030.
Before this acquisition, Masdar and the Dubai Electricity and Water Authority (DEWA) recently announced financial close on the 1.8GW sixth phase of the Mohammed bin Rashid Al Maktoum Solar Park with costs up to AED5.5 billion (US$1.5 billion).
DEWA is implementing the sixth phase of the solar park in cooperation with Masdar, Abu Dhabi Future Energy Company based on an independent power producer (IPP) model. Meanwhile, the sixth phase of the project has achieved the lowest levelised cost of energy (LCOE) of US$0.016 per kWh in the solar park.
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