Abu Dhabi-based clean energy firm says it is acquiring stakes in two wind farms in the United States
Abu Dhabi Future Energy Company, better known as Masdar, announced on Tuesday it is acquiring stakes in two wind farms in the United States.
The clean energy giant said on Twitter that it will buy John Laing Group’s stakes, its first North American renewable energy investment.
Masdar said it was buying stakes in the Rocksprings wind farm in Texas and the Sterling wind farm in New Mexico.
The deal is expected to close in the first half of 2019, Masdar said, without disclosing the value of the deal and the size of the stakes purchased.
Following the transaction, Masdar will own interest in a partnership with French renewable power producer Akuo Energy, with whom Masdar already has an ongoing partnership – the 72 megawatt Krnovo Wind Farm, Montenegro’s first wind energy project.
The 149MW Rocksprings project was commissioned in 2017 and comprises 53 of General Electric’s 2.3MW wind turbines and 16 of its 1.72MW turbines at a site in Val Verde County, taking advantage of the exceptional wind conditions characteristic of the Texas region.
Mohamed Jameel Al Ramahi, CEO of Masdar, said: "Extending our reach into the United States is a defining moment for Masdar’s clean energy operations and a further step forward in our efforts to expand the company’s global renewable energy portfolio, which now encompasses more than 25 countries.
"The United States provides excellent commercial potential in the long-term, with a record 6.3 per cent of the country’s electricity generated from wind in 2017. We aim to increase our investments in the US in the next few years as we continue to strengthen our current partnerships and explore new business opportunities."
The Sterling project in Lea County, New Mexico has a total installed capacity of 29.9MW provided by 13 GE 2.3MW turbines and was also commissioned in 2017.
Olivier Brousse, John Laing's CEO, said: "We are pleased to have partnered with Akuo on Rocksprings and Sterling wind projects. This investment realisation with Masdar will release capital to recycle into new greenfield opportunities in the US and internationally where we remain committed to our strategy investing in renewable energy and other infrastructure."For all the latest business news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.