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Another one in the bag for Masdar: Renewables giant Masdar signed anagreement to acquire a 50% stake in one of the largest independent renewable energy producers in the United States, Terra-Gen Power Holdings, according to a statement. The value of the acquisition — which was purchased from Energy Capital Partners (ECP) — was not disclosed. The acquisition is expected to be finalized by the end of the year.
Who owns what? Masdar will fully acquire ECP’s shares in Terra-Gen while infrastructure investment manager Igneo Infrastructure Partners will keep its 50% stake in the company which it acquired in 2020.
The purchase aims to kickstart Terra-Gen’s expansion plans: “Upon closing, we look forward to actively partnering with Igneo and working closely with Terra-Gen’s experienced management team to support Terra-Gen’s operations, facilitate its development of new capacity renewable energy projects and expand its presence in and beyond its key markets,” said Masdar Americas President and CEO Philip Haddad.
Masdar’s global portfolio is growing: 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. Masdar is also eyeing an undisclosed stake in Turkish wind producer Fiba Yenilenebilir Enerji and a majority stake in India’s Ayana Renewable Power. The Emirati renewables giant is planning to build a global portfolio of 100 GW renewables capacity by 2030.
About Terra-Gen Power: Established in 2007, Terra-Gen 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.
ADVISORS-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.
