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The Abu Dhabi Future Energy Company often known as Masdar within the UAE has purchased a 50 % stake in Terra-Gen, one of many largest unbiased renewable vitality producers in the United States, from Energy Capital Partners. Masdar is identical firm that created the ambitious but failed zero-energy city outside of Abu Dhabi.
ECP is without doubt one of the largest non-public buyers in energy and renewable belongings in the United States says it has absolutely exited its place in Terra-Gen in reference to the closing of the transaction. Igneo Infrastructure Partners, a worldwide infrastructure funding supervisor, retains its present 50 % stake in Terra-Gen.
Representing one in all Masdar’s largest transactions so far (find some of its recent deals featured here on Green Prophet), the deal additional cements Masdar’s transfer into the US market, which it first entered in 2019. It also partnered with the EU to release green bonds in 2020.
Before the Terra-Gen acquisition, Masdar’s US portfolio of utility scale wind, photo voltaic and storage belongings had a producing capability of greater than 1.4GW. The US market and Terra-Gen’s scalable platform will play vital roles as Masdar executes its plan to construct 100GW of capability in its world renewable vitality portfolio by 2030. Also it is necessary for the UAE to develop robust enterprise ties with the west because it appears to distance itself from unstable regimes such because the Iranian Islamic Republic, and international locations like Turkey which are aligning with Russia in energy production such as nuclear.
While Qatar funds terror and unrest, the UAE has turn out to be a accomplice that the west can belief.
Terra-Gen wind generators
Terra-Gen’s gross working portfolio at present includes 3.8GW of wind, photo voltaic and battery storage tasks, together with 5.1GWh of vitality storage services throughout 30 renewable energy websites all through the US, predominantly in California and Texas.
Terra-Gen is at present creating greater than 12GW of wind, photo voltaic and battery storage tasks within the US, with its tasks in California, Texas and New York, together with a 386MW of Texas wind and California photo voltaic venture, and 512MWh of California vitality storage services, with industrial operations anticipated in 2025.
Sultan Al Jaber, the UAE Minister of Industry and Advanced Technology, Chairman of Masdar, says: “The UAE and U.S. have lengthy been companions in efforts to advance clear vitality, a collaboration culminating within the Partnership for Accelerating Clean Energy (PACE) settlement.
“Masdar has a robust monitor report of supporting US renewable vitality tasks, and the acquisition of Terra-Gen reaffirms this long-standing dedication. We are actually on track to surpass our purpose of getting 10GW of built-in renewable technology capability within the US by 2030.
Mohamed Jameel Al Ramahi, the CEO of Masdar says: “Terra-Gen’s skilled administration group and scalable platform make it the perfect accomplice, as we work to extend our presence and funding within the US as a part of Masdar’s dedication to a long-term technique on this vital market.”
Masdar’s dedication to the US market displays the UAE’s robust ties to the nation. In January 2023, UAE and US officers introduced that US$20 billion can be allotted to fund 15GW of unpolluted vitality tasks within the US earlier than 2035, led by Masdar and a consortium of US non-public buyers, below the Partnership for Accelerating Clean Energy (PACE) between the 2 international locations. Earlier this 12 months Microsoft invested $1.5 Billion USD to co-develop AI with G42, a UAE based company now working with Nvidia to construct climate forecasting fashions to fight local weather change with AI.
