Masdar, the UAE's clean energy powerhouse, has acquired a 50 per cent stake in Terra-Gen Power Holdings, one of the largest independent renewable energy producers in the US.

Energy Capital Partners (ECP) has fully exited its position in Terra-Gen, while Igneo Infrastructure Partners retains its existing stake. This is one of Masdar's largest transactions, cementing its position in the US market.

Masdar first entered the market in 2019 and has a proven history of funding, developing, owning, and operating clean energy projects in the country.

Terra-Gen's gross operating portfolio currently comprises 3.8GW of wind, solar, and battery storage projects, including 5.1GWh of energy storage facilities across 30 renewable power sites throughout the US, predominantly in California and Texas.

Dr Sultan Al Jaber, UAE Minister of Industry and Advanced Technology, COP28 President and Chairman of Masdar, said: "The UAE and US have long been partners in efforts to advance clean energy, a collaboration culminating in the Partnership for Accelerating Clean Energy (PACE) agreement. Masdar has a strong track record of supporting US renewable energy projects, and the acquisition of Terra-Gen reaffirms this long-standing commitment. We are now on target to surpass our goal of having 10GW of integrated renewable generation capacity in the US by 2030. This transaction unlocks further economic opportunities from green growth, and aligns with the global ambition to triple renewable energy capacity, in line with the historic UAE Consensus reached at COP28."