#UAE’s Masdar to Buy 50% Stake in US Renewables Firm Terra-Gen - Bloomberg

UAE’s Masdar to Buy 50% Stake in US Renewables Firm Terra-Gen - Bloomberg

UAE clean-energy firm Masdar agreed to acquire a 50% stake in renewable electricity producer Terra-Gen Power Holdings II LLC as part of a plan to bolster its presence in the US.

The transaction represents a major milestone toward Masdar’s goal to build a global renewable energy portfolio of at least 100 gigawatts of capacity by 2030, the Abu Dhabi-based company said in a statement.

As part of the transaction, Energy Capital Partners will fully exit its position in Terra-Gen, according to Masdar. Infrastructure investment manager Igneo will keep its existing 50% stake in the company.

San Diego-based Terra-Gen operates 32 renewable power sites in the US, with a focus on California and Texas. It has about 2.4 gigawatts of wind and solar, and 5.1 gigawatt-hours of energy storage.

Masdar is also interested in buying a share of existing Iberdrola onshore clean-energy assets, Bloomberg News reported in February.