“Masdar” completes the acquisition of 50% in the American “Terra-Gen”.

Abu Dhabi Future Energy Company (Masdar) announced yesterday that it has completed the acquisition of a 50% stake in Terra-Gen Power Holdings, one of the largest independent renewable energy companies in the United States. from Energy Capital Partners (E). CB).

“Masdar” said in a statement that when the agreement is completed, “Energy Capital Partners”, which is one of the largest private companies investing in the field of electricity and renewable energy in the United States, sold the entire share. in “Terra-Gen”, while “Egnew” Infrastructure Partners, a global company specialized in managing infrastructure investments, will retain its current interest in the company to 50%.

This agreement is one of the largest contracts concluded by Masdar, and will help strengthen its position in the United States market, which it entered for the first time in 2019, and where it has a significant portfolio that includes financing, developing, owning and operating a number of clean energy projects.

Prior to the acquisition of Terra-Gen, Masdar’s portfolio in the US market included utility-scale solar and wind energy projects and energy storage projects, with a total capacity of more than 1.4 gigawatts.

Both the American market and the Terra-Gen platform provide valuable opportunities for growth and expansion, supporting Masdar’s efforts to achieve its goal of increasing the total potential of its global portfolio of projects in the renewable energy field to 100 gigawatts by 2030.

The Minister of Industry and Advanced Technology, Chairman of the Conference of the Parties (COP28), and Chairman of the Masdar Board of Directors, Prof. Sultan Ahmed Al Jaber, emphasized the depth of the economic cooperation and strategic partnership between the UAE and the friendly United States, and their joint effort to increase the spread of clean energy solutions and support climate action. ).

He said: “In line with the director’s vision to expand the use of clean energy solutions to ensure the energy supply necessary to support sustainable economic and social growth, this acquisition agreement becomes a complementary important to Masdar’s portfolio of projects in the American market. , and proof of our commitment to supporting the renewable energy sector in it.”