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Masdar to acquire 50% stake in US-based Terra-Gen

Masdar to acquire 50% stake in US-based Terra-Gen
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TAQA
TAQA
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Abu Dhabi – Mubasher Abu Dhabi Future Energy Company (Masdar) plans to acquire a 50% stake in Terra-Gen Power Holdings II, LLC, one of the largest independent renewable energy power producers in the US, from Energy Capital Partners (ECP).

Abu Dhabi National Energy Company (TAQA) holds a 43% shareholding in Masdar, according to a bourse statement.

Under the agreement, ECP, a leading investor across energy transition and decarbonization infrastructure assets, will sell its entire ownership in Terra-Gen.

Meanwhile, Igneo Infrastructure Partners, a global infrastructure investment manager, will retain its existing 50% stake in the company. Igneo made its initial investment in Terra-Gen in December 2020.

TAQA highlighted that the transaction is expected to close by the end of 2024, which is subject to regulatory and other customary approvals

In the January-December 2023 period, the ADX-listed firm logged higher net profits attributable to the owners at AED 16.64 billion, compared to AED 8.03 billion in 2022.