UAE renewables giant Masdar has closed its acquisition of a 50% stake in US renewables firm Terra-Gen, according to a press release (pdf). ECP has fully offloaded its stake in Terra-Gen as part of the transaction, and Igneo Infrastructure Partners will retain its 50% stake in the company. Masdar signed the equity acquisition agreement back in March.

What’s in the bag? Terra-Gen’s operating portfolio includes 3.8 GW of wind, solar, and battery storage projects with 5.1GWh of energy storage across 30 renewable energy facilities, the statement notes. The company has over 12 GW of solar, wind, and battery storage projects currently in development, with 386 MW of Texas wind and California solar and 512 MWh of California energy storage facilities lined up to begin operations in 2025.

Masdar is setting its sights on US growth: Masdar is also looking to grow “beyond tenfold” in the US over the next three to seven years and wants to reach 100 GW of global energy capacity by 2030.

And the ball is rolling: In the US, Masdar already finalized its acquisition of a 50% share in EDF Renewables North America’s 128 MW Big Beau solar plant in California last year. In 2020, Masdar and EDF inked an agreement to jointly co-develop eight US-based renewables plants that would yield a total of 1.6 GW. The company’s portfolio in the US currently consists of four wind projects in Texas and New Mexico and five solar projects in California.

Masdar also plans on global domination: Masdar wants to achieve 100 GW of global energy capacity by 2030. The company is eyeing a 49% stake in Indian green hydrogen and ammonia producer Hygenco for USD 400 mn. The funds will help Hygenco develop 10 GW of production and distribution assets by 2030.

Advisors: BMO Capital Markets and JP Morgan served as financial advisors and White & Case and Covington & Burling served as legal advisors to Masdar. Lazard and Guggenheim Securities served as financial advisors and Latham & Watkins served as legal advisors to Terra-Gen.

Tags: