Masdar has signed a definitive settlement to amass a 50% stake in Terra-Gen Energy Holdings from Power Capital Companions (ECP), who will totally exit its place in Terra-Gen in reference to the transaction.
Established in 2007, Terra-Gen is a supplier of end-to-end renewable venture improvement, financing and working capabilities. It presently operates roughly 2.4 GW of wind and photo voltaic and 5.1 GWh of power storage amenities throughout 32 U.S. websites, predominantly in California and Texas.
“Our funding in Terra-Gen’s spectacular power portfolio expands our current U.S. footprint and reinforces Masdar’s long-term dedication throughout our U.S. portfolio,” says Mohamed Jameel Al Ramahi, CEO of Masdar.
“This transaction unites one of many largest unbiased renewable power producers within the U.S. with Masdar, one of many quickest rising clear power firms on this planet. We look ahead to working alongside Igneo as our valued accomplice to speed up Terra-Gen’s progress and ship world-class innovation at utility scale in help of the worldwide power transition.”
The transaction is predicted to shut by the tip of 2024. Igneo Infrastructure Companions will retain its current 50% stake within the firm. The corporate made its preliminary funding in Terra-Gen in 2020.
Lazard and Guggenheim Securities are serving as monetary advisors and Latham & Watkins is serving as authorized advisor to Terra-Gen. BMO Capital Markets and JP Morgan are serving as monetary advisors and White & Case and Covington & Burling are serving as authorized advisors to Masdar. Mayer Brown is serving as authorized advisor to Igneo.
