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Abu Dhabi renewables company Masdar has ambitious plans to grow ‘more than tenfold’ in the US within the next three to seven years according to the head of its Americas affiliate.
Philip Haddad, president and chief executive of Masdar Americas LLC, said the company plans to invest in development and operating platforms, The National reported.
The US will play an integral role in Masdar’s aims to build a global renewable energy portfolio of a minimum of 100 gigawatts capacity by 2030, with Haddad describing the country as ‘our biggest source of growth’.
In March, Masdar announced the acquisition of a 50% stake in US-based Terra-Gen, one of the largest independent renewable producers in the US, which is expected to be completed by the end of the year.
The deal follows a 50% acquisition of California-based Big Beau, a solar and battery storage project.
Masdar is owned by Abu Dhabi-listed state oil company ADNOC, utilities company TAQA and sovereign investor Mubadala.
(Writing by Imogen Lillywhite; editing by Daniel Luiz)
