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Masdar to buy 50% of US firm Terra-Gen

RICHARD HEAP

March 19, 2024

Abu Dhabi developer Masdar has bought a 50% stake in US independent power producer Terra-Gen from Energy Capital Partners.

ECP has agreed to sell its stake in Terra-Gen, which it acquired in 2015, while co-owner Igneo Infrastructure Partners will retain its 50% stake. Terra-Gen currently operates 2.4GW of wind and solar farms in the US, as well as 5.1GWh of energy storage facilities.

The deal is due to close by the end of 2024 and is subject to regulatory approvals.

Mohamed Jameel Al Ramahi, chief executive at Masdar, said: “This transaction unites one of the largest independent renewable energy producers in the U.S. with Masdar – one of the fastest growing clean energy companies in the world. We look forward to working alongside Igneo as our valued partner to accelerate Terra-Gen’s growth and deliver world-class innovation at utility scale in support of the global energy transition.”

Jim Pagano, chief executive at Terra-Gen, said: “We have enjoyed a tremendous partnership with ECP, which allowed us to build a strong and resilient business positioned for long-term growth. As we look to build on our tangible pipeline of projects, we are excited to work with Masdar, a like-minded partner with a track record of commitment to decarbonization and clean energy projects in the U.S. and around the world.”

Schuyler Coppedge, partner at ECP, said: “We are proud of Terra-Gen’s achievements during ECP’s ownership and are confident that the company will have another successful chapter with Masdar and Igneo.”

John DiMarco, managing director at Igneo, said: “Igneo, Masdar and Terra-Gen share a common long-term vision for the company, and Igneo remains steadfastly committed to the continued buildout of Terra-Gen as a premier independent North American renewable power company.”

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