UAE state-owned renewables energy developer Masdar has acquired a 50% stake in US independent power producer (IPP) Terra-Gen from Energy Capital Partners.

The transaction is expected to close by the end of 2024. After the acquisition, Igneo Infrastructure Partners will retain its existing 50% stake in the company. Currently, Terra-Gen operates about 2.4GW of solar and wind projects and 5.1GWh of energy storage facilities across 32 sites in the US, predominantly in California and Texas.

Try Premium for just $1

Full premium access for the first month at only $1
Converts to an annual rate after 30 days unless cancelled
Cancel anytime during the trial period

Start $1 Trial

Premium Benefits

Expert industry analysis and interviews
Digital access to PV Tech Power journal
Exclusive event discounts

Or get the full Premium subscription right away

Get Premium Subscription

Or continue reading this article for free

Get Basic (FREE) Subscription

Masdar first invested in the US market in 2019, boasting utility-scale solar and wind projects with a generation capacity of more than 1.4GW. The US market will “play an important role” in Masdar’s plan to build a global renewable energy portfolio of at least 100GW by 2030.

Before this acquisition, Masdar and the Dubai Electricity and Water Authority (DEWA) recently announced financial close on the 1.8GW sixth phase of the Mohammed bin Rashid Al Maktoum Solar Park with costs up to AED5.5 billion (US$1.5 billion).

DEWA is implementing the sixth phase of the solar park in cooperation with Masdar, Abu Dhabi Future Energy Company based on an independent power producer (IPP) model. Meanwhile, the sixth phase of the project has achieved the lowest levelised cost of energy (LCOE) of US$0.016 per kWh in the solar park.

PV Tech publisher Solar Media will be organising the third edition of Large Scale Solar USA Summit in Austin, Texas 1-2 May. With the Inflation Reduction Act (IRA) targeting US$369 billion for clean energy and US$40 billion for manufacturing, the solar industry has never been brighter. The IRA, securing financing for future projects or supply chain bottlenecks will be among the discussions at this year’s event. For more information, including how to attend, please go to the official website.

UPCOMING EVENT

PV ModuleTech USA 2026

16 June 2026

Napa, USA

PV Tech has been running PV ModuleTech Conferences since 2017. PV ModuleTech USA, on 16-17 June 2026, will be our fifth PV ModulelTech conference dedicated to the U.S. utility scale solar sector. The event will gather the key stakeholders from solar developers, solar asset owners and investors, PV manufacturing, policy-making and and all interested downstream channels and third-party entities. The goal is simple: to map out the PV module supply channels to the U.S. out to 2028 and beyond.

UPCOMING EVENT

PV CellTech USA 2026

13 October 2026

San Francisco Bay Area, USA

PV Tech has been running an annual PV CellTech Conference since 2016. PV CellTech USA, on 13-14 October 2026 is our third PV CellTech conference dedicated to the U.S. manufacturing sector. The events in 2023, 2024 and 2025 were a sell out success and 2026 will once again gather the key stakeholders from PV manufacturing, equipment/materials, policy-making and strategy, capital equipment investment and all interested downstream channels and third-party entities. The goal is simple: to map out PV manufacturing in the U.S. out to 2030 and beyond.