Masdar completes acquisition of US IPP Terra-Gen
Editorial StaffThe Facts -
- Terra-Gen has 3.8GW of solar, storage, wind projects mostly in CA and TX.
- Masdar's US portfolio includes 1.4GW of solar, storage, and wind assets.
- PACE aims for US$100B global clean energy investment from the UAE and US.
Masdar Expands US Clean Energy Portfolio with Terra-Gen
Terra-Gen boasts an expansive 3.8GW portfolio encompassing solar PV, battery energy storage, and wind power projects in California and Texas. The company's project pipeline has surpassed 12GW.
The UAE's Masdar, already managing 1.4GW of solar, storage, and wind assets in the US, continues its clean energy expansion.
Ahmed Al Jaber, Masdar's chairman and CEO of Abu Dhabi National Oil Company (ADNOC), stated, "The UAE and US have partnered in clean energy initiatives, culminating in the Partnership for Accelerating Clean Energy (PACE) agreement."
Signed in November 2022, this agreement aims to catalyze $100 billion in global clean energy investment.
Masdar raised $1 billion in green bonds in July to fund new renewable energy projects. Following COP28 in the UAE, Masdar announced deals for around 4GW of renewable capacity.
Though the COP28 agreement to triple renewable energy capacity garnered praise, critics pointed to fossil fuel provisions as problematic.
Debate surrounded COP28 being hosted in the oil-rich UAE and Al Jaber's role as chairman due to his ADNOC ties.
Jim Pagano, CEO of Terra-Gen, remarked, "Masdar is an excellent partner due to our shared commitment to developing clean energy and decarbonization."
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