Masdar has successfully concluded the acquisition of 50 per cent share in Terra-Gen Power Holdings II, LLC, a prominent independent renewable energy producer in US. This acquisition was made from Energy Capital Partners, which has now fully divested its stake in Terra-Gen. Igneo Infrastructure Partners retains its 50 per cent interest in the company.
Prior to this acquisition, Masdar had developed a robust portfolio of utility-scale wind, solar, and storage assets, boasting over 1.4 GW of generating capacity. Terra-Gen’s current operational portfolio consists of 3.8 GW across wind, solar, and battery storage projects, including 5.1 GWh of energy storage across 30 sites, mainly in California and Texas. The company is also advancing over 12 GW of new projects across multiple states, with expected commercial operations starting in 2025.
Earlier in September 2024, Masdar along with EDF Renewables and Korea Western Power announced the financial closing of the 1.5 GW AC Al Ajban Solar Photovoltaic independent power producer project in Abu Dhabi. The project company, in which Masdar holds a 60 per cent stake, alongside EDF Renewables and KOWEPO each holding 20 per cent, has signed a 30-year power purchase agreement with the Emirates Water and Electricity Company (EWEC).
