{"id":83138,"date":"2024-03-20T00:00:00","date_gmt":"2024-03-20T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/climate\/2024\/03\/20\/masdar-to-acquire-50-of-us-renewables-firm-terra-gen-power\/"},"modified":"2024-03-20T00:00:00","modified_gmt":"2024-03-20T00:00:00","slug":"masdar-to-acquire-50-of-us-renewables-firm-terra-gen-power","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/climate\/2024\/03\/20\/masdar-to-acquire-50-of-us-renewables-firm-terra-gen-power\/","title":{"rendered":"Masdar to acquire 50% of US renewables firm Terra-Gen Power"},"content":{"rendered":"

UAE renewables giant Masdar signed an agreement to acquire a 50% stake in US <\/strong>renewable energy firm <\/strong>Terra-Gen Power<\/a><\/strong> Holdings<\/strong>, according to a statement<\/a>. The value of the stake \u2014 which was purchased from Energy Capital Partners (ECP)<\/a> \u2014 was not disclosed and the acquisition will be finalized by the end of the year.<\/p>\n

Who owns what? <\/strong>Masdar will fully acquire ECP\u2019s shares in Terra-Gen while infrastructure investment manager Igneo Infrastructure Partners<\/a> will keep its 50% stake in the company which it acquired in 2020.<\/p>\n

Masdar already has a foothold in the US:<\/strong> Masdar finalized its acquisition<\/a> of a 50% share in EDF Renewables North America\u2019s 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 including three wind farms in Nebraska yielding a combined 815 MW and five solar farms \u2014 including the newly acquired Big Beau plant \u2014 generating some 690 MW of clean energy. The company\u2019s portfolio in the US currently consists<\/a> of four wind projects in Texas and New Mexico and five solar projects in California. <\/p>\n

The company\u2019s overseas portfolio is expanding: <\/strong>The renewables giant reached financial close on EUR 488 mn in funding to secure its 49% acquisition of the 476 MW Baltic Eagle wind farm off the coast of Germany earlier this week<\/a>. Masdar is also eyeing an undisclosed stake in Turkish wind producer Fiba Yenilenebilir Enerji and a majority stake<\/a> in India\u2019s Ayana Renewable Power.<\/p>\n

About Terra-Gen Power:<\/strong> Established in 2007, Terra-Gen<\/a> is a leading independent provider of end-to-end renewable project development, financing and operating capabilities. Terra-Gen currently operates approximately 2.4 GW of wind and solar, and 5.1 GWh of energy storage facilities across 32 renewable power sites.<\/p>\n

Advisors: <\/strong>BMO Capital Markets and JP Morgan are serving as financial advisors and White & Case and Covington & Burling are serving as legal advisors to Masdar. Lazard and Guggenheim Securities are serving as financial advisors and Latham & Watkins is serving as legal advisor to Terra-Gen.<\/p>\n","protected":false},"excerpt":{"rendered":"

The stake was purchased from Energy Capital Partners and will be finalized by the end of the year<\/p>\n","protected":false},"author":1,"featured_media":83139,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[2016],"tags":[11,79,160,88,52],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-83138","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ma-watch-2","tag-enterpriseclimate","tag-ma-watch","tag-masdar","tag-renewables","tag-uae","wpautop","entry"],"acf":{"mongo_id":"084355bf-3c28-446d-994e-42633fe5f3e8","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/3\/1722.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Masdar to acquire 50% of US renewables firm Terra-Gen Power","related_issue":[83133],"teaser":"The stake was purchased from Energy Capital Partners and will be finalized by the end of the year","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/3\/.469bee9e-c4c9-4993-b894-5b8e52a9ae98.mp3"},"yoast_head":"\nMasdar to acquire 50% of US renewables firm Terra-Gen Power - 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