Masdar Accelerates U.S. Renewables Expansion,

Masdar's joint ownership of Terra-Gen demonstrates long-term commitment to investing in and supporting U.S. energy transition.
Terra-Gen's gross operating portfolio comprises 3.8GW of wind, solar and battery storage projects, including 5.1GWh of energy storage facilities across 30 renewable power sites.
Terra-Gen's 12GW+ pipeline includes a new wind farm and solar park to start commercial operations in 2025.

ABU DHABI, UAE, Oct. 1, 2024 /PRNewswire/ -- Abu Dhabi Future Energy Company PJSC – Masdar ("Masdar"), the United Arab Emirates' clean energy powerhouse, today announced the closing of its acquisition of a 50 percent stake in Terra-Gen Power Holdings II, LLC ("Terra-Gen" or "the Company"), one of the largest independent renewable energy producers in the United States, from Energy Capital Partners ("ECP"). This acquisition further solidifies Masdar's presence in the U.S. renewable energy sector.

Masdar Accelerates U.S. Renewables Expansion, Closes Acquisition of 50% Stake in Terra-Gen

ECP, one of the largest private investors in power and renewable assets in the United States, has fully exited its position in Terra-Gen in connection with the closing of the transaction. Igneo Infrastructure Partners, a global infrastructure investment manager, retains its existing 50 percent stake in Terra-Gen.

This marks one of Masdar's largest transactions, solidifying its position in the U.S. market, where it first entered in 2019. Masdar's U.S. portfolio now includes over 1.4GW of utility-scale wind, solar, and storage assets. Terra-Gen's scalable platform will be integral as Masdar expands its global renewable energy capacity to 100GW by 2030.

Terra-Gen's operating portfolio includes 3.8GW of wind, solar, and battery storage projects, primarily located in California and Texas. Additionally, Terra-Gen is developing more than 12GW of renewable energy projects across the U.S., including 386MW of Texas wind and California solar and 512MWh of California energy storage facilities, with operations expected to commence in 2025.

HE Dr. Sultan Al Jaber, UAE Minister of Industry and Advanced Technology, COP28 President, and Chairman of Masdar, stated, "The UAE and U.S. have long been partners in advancing clean energy. Masdar's acquisition of Terra-Gen reaffirms this commitment." He emphasized the importance of this transaction in reaching Masdar's goal of surpassing 10GW of renewable capacity in the U.S. by 2030.

Mohamed Jameel Al Ramahi, Chief Executive Officer of Masdar, commented, "Terra-Gen's management team and scalable platform make it an ideal partner as we increase our presence in the U.S." He highlighted Masdar's commitment to enhancing Terra-Gen's capabilities in delivering clean energy.

Jim Pagano, CEO of Terra-Gen, said, "The finalization of this deal cements a strong partnership between Masdar and Terra-Gen." He expressed enthusiasm about the shared focus on decarbonization and clean energy expansion.

Niall Mills, Managing Partner and Global Head of Igneo, remarked, "Terra-Gen has been a strong platform for Igneo since 2020." He pointed to the tremendous potential for growth in the U.S. renewable energy sector with Masdar as a partner.

About Masdar

Masdar (Abu Dhabi Future Energy Company) is one of the world's fastest-growing renewable energy companies. Established in 2006, Masdar is advancing the deployment of solar, wind, geothermal, battery storage, and green hydrogen technologies to accelerate the global energy transition. With projects in over 40 countries and a combined capacity exceeding 20GW, Masdar provides affordable clean energy to those who need it most. Masdar is jointly owned by TAQA, ADNOC, and Mubadala, with a target of reaching 100GW of renewable energy capacity by 2030.

About Terra-Gen

Terra-Gen, LLC is a leading U.S. developer, owner, and operator of utility-scale renewable energy projects in North America. Terra-Gen's operating portfolio includes 3.8GW of wind, solar, and battery storage projects, with 5.1GWh of energy storage facilities across 30 sites, primarily in California and Texas. Formed in 2007, Terra-Gen is owned by Masdar and Igneo Infrastructure Partners.

About Igneo Infrastructure Partners

Igneo Infrastructure Partners invests in high-quality, mature mid-market infrastructure companies in renewables, digital infrastructure, waste management, and water utilities. Operating since 1994, Igneo manages more than $19.2 billion in assets, working closely with portfolio companies to create long-term sustainable value.

About ECP

Energy Capital Partners (ECP), founded in 2005, is a leading equity and credit investor across energy transition, electrification, and decarbonization infrastructure assets. The ECP team has consummated more than 100 equity and over 20 credit transactions, representing nearly $60 billion in enterprise value since inception.

Transaction Advisors

Lazard and Guggenheim Securities served as financial advisors, and Latham & Watkins LLP as legal advisor to Terra-Gen. BMO Capital Markets and JP Morgan served as financial advisors, with White & Case LLP and Covington & Burling LLP as legal advisors to Masdar. Mayer Brown served as legal advisor to Igneo Infrastructure Partners.

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Masdar Accelerates U.S. Renewables Expansion, Closes Acquisition of 50% Stake in Terra-Gen