The European Commission (EC) has given the green light to Abu Dhabi-based renewables developer Masdar's acquisition of a 50% stake in Terra-Gen, a fellow renewable energy company operating approximately 2.4 GW of wind and solar assets across the United States.
Masdar's agreement to purchase the stake from existing shareholder Energy Capital Partners (ECP), announced in March, has been cleared by the EU merger watchdog without any conditions. Financial terms of the deal have not been disclosed.
In a press statement, the EU merger watchdog emphasized that the transaction is not expected to have adverse effects on competition within the relevant market, citing its limited impact on the European Economic Area.
In addition to its wind and solar assets, Terra-Gen also manages 5.1 GWh of energy storage facilities. With a predominant presence in California and Texas, the company operates more than 30 renewable power sites, further solidifying its position as a key player in the US renewable energy landscape.
