{"id":87087,"date":"2024-10-02T00:00:00","date_gmt":"2024-10-02T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/climate\/2024\/10\/02\/masdar-finalizes-50-acquisition-of-us-renewables-firm-terra-gen\/"},"modified":"2024-10-02T00:00:00","modified_gmt":"2024-10-02T00:00:00","slug":"masdar-finalizes-50-acquisition-of-us-renewables-firm-terra-gen","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/climate\/2024\/10\/02\/masdar-finalizes-50-acquisition-of-us-renewables-firm-terra-gen\/","title":{"rendered":"Masdar finalizes 50% acquisition of US renewables firm Terra-Gen"},"content":{"rendered":"

UAE renewables giant Masdar has closed <\/strong>its acquisition of a 50% stake in US renewables firm Terra-Gen<\/strong>, according to a press release (pdf)<\/a>. ECP<\/a> 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<\/a>. <\/p>\n

What\u2019s in the bag? <\/strong>Terra-Gen\u2019s 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. <\/p>\n

Masdar is setting its sights on US growth: <\/strong>Masdar is also looking to grow \u201cbeyond tenfold\u201d<\/a> in the US over the next three to seven years and wants to reach 100 GW of global energy capacity by 2030.<\/p>\n

And the ball is rolling:<\/strong> In the US, Masdar already 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. The company\u2019s portfolio in the US currently consists of four wind projects in Texas and New Mexico and five solar projects in California.<\/p>\n

Masdar also plans on global domination: <\/strong>Masdar wants to achieve 100 GW of global energy capacity by 2030<\/a>. 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.<\/p>\n

Advisors: <\/strong>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.<\/p>\n","protected":false},"excerpt":{"rendered":"

Masdar signed the equity acquisition agreement back in March<\/p>\n","protected":false},"author":1,"featured_media":87088,"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],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-87087","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ma-watch-2","tag-enterpriseclimate","tag-ma-watch","tag-masdar","tag-renewables","wpautop","entry"],"acf":{"mongo_id":"8bccb3df-09eb-45a3-9c6c-9e9568c60978","order":"3","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/10\/167.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Masdar finalizes 50% acquisition of US renewables firm Terra-Gen","related_issue":[87082],"teaser":"Masdar signed the equity acquisition agreement back in March","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/10\/.22dc551a-822a-496b-b891-a55c70c23bd0.mp3"},"yoast_head":"\nMasdar finalizes 50% acquisition of US renewables firm Terra-Gen - 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