Masdar acquisition of Terra-Gen stake builds on UAE-US renewable energy ties
The UAE and the US launched a renewable energy partnership in 2022 with the view of deploying 100 GW of clean energy globally by 2035.
The Emirati renewable energy firm Masdar announced the partial acquisition of an American power company on Tuesday, strengthening the Gulf state’s holdings in the US green technology sector.
The Abu Dhabi-based Masdar closed the acquisition of a 50% stake in Terra-Gen from the US-based investment firm Energy Capital Partners. Australia’s Igneo Infrastructure Partners will retain the other 50% stake.
Masdar referred to the acquisition as one of its “largest transactions” that will “further cement” its position in the United States, but it did not reveal the financial terms of the deal. The company first announced its intention to acquire the stake in March.
Masdar was founded by the United Arab Emirates government in 2006 to diversify its energy resources. It is owned by the following UAE state enterprises: Abu Dhabi National Oil Company (ADNOC), Mubadala Investment Company and the Abu Dhabi National Energy Company.
