RCS - Abu Dhabi Fut.Energy - Acquisition
19/03/2024 16:30
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RNS Number : 4733H Abu Dhabi Future Energy Co. PJSC 19 March 2024
Masdar to Acquire 50% Stake in Terra-Gen from Energy Capital Partners
· Investment highlights Masdar's long-term commitment to and confidence
in the U.S. renewable energy market
· Masdar to help accelerate Terra-Gen's growth as a leading developer
and operator of utility-scale clean energy projects
· Strategic investment advances Masdar's ambitious plans in the growing
U.S. market
ABU DHABI, United Arab Emirates & NEW YORK, NY - March 19, 2024 - Abu
Dhabi Future Energy Company PJSC - Masdar ("Masdar"), the United Arab
Emirates' clean energy powerhouse, today announced that it has signed a
definitive agreement to acquire a 50 percent stake in Terra-Gen Power Holdings
II, LLC ("Terra-Gen"), one of the largest independent renewable energy power
producers in the United States, from Energy Capital Partners ("ECP").
ECP, a leading investor across energy transition, electrification and
decarbonization infrastructure assets, will fully exit its position in
Terra-Gen in connection with the transaction. Igneo Infrastructure Partners
("Igneo"), a global infrastructure investment manager, will retain its
existing 50 percent stake in the company. Igneo made its initial investment in
Terra-Gen in December 2020.
The transaction is expected to close by the end of 2024, subject to regulatory
and other customary approvals.
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