‘US is our biggest gross market’: senior executive in UAE clean energy firm Masdar
Speaking to The National, Masdar americas CEO Philip Haddad recently highlighted the company’s investments in the US, stressing that the country is “our biggest gross market”. Masdar’s presence in US reflects the broader UAE-US bilateral relationship.
The UAE clean energy company has just closed its 50% stake acquisition of Terra-Gen – one of the US’s largest independent clean energy producers. The size of the deal has not been disclosed but it is apparently one of Masdar’s largest transactions.
Masdar signs deal to acquire 50% stake in Terra-Gen
“I think it’s testimony to the commitment that Masdar has to the US market,” said Haddad, adding: “It’s the beginning of a cornerstone for us … This investment puts us on the path to continue to execute on our strategy.”
Masdar first entered the US market back in 2019. The senior executive said for the company to expand, it has to invest in platforms that have competent management, an existing operating base and a realisable pipeline, according to media reports.
Masdar signed the agreement to acquire the 50% stake in Terra-Gen from Energy Capital Partners in March. Global infrastructure manager Igneo Infrastructure Partners retains its existing 50% stake after the joint acquisition.
Masdar is gradually expanding and the US is its biggest gross market. Haddad credited the impressive performance to a favourable business environment and, particularly, the 2022 inflation reduction act that includes provisions to help the country achieve its net-zero goals.
Masdar’s completes deal after UAE Prez’s recent US visit
Masdar’s completion of the landmark Terra-Gen deal comes days after UAE President HH Sheikh Mohamed bin Zayed’s official trip to the US. His Highness and President Joe Biden discussed the UAE-US partnerships in clean energy and others sectors.
Masdar is also going to acquire Spanish clean energy business Saeta from Brookfield for $1.4 billion. That comes after a $1.88 billion partnership to acquire stake in Spanish utilities company Endesa and a $3.53 billion proposed acquisition of Greek manufacturer Gek Terna.
