Abu Dhabi's Masdar is aiming to “grow beyond tenfold” in the US within the next three to seven years, the head of its Americas affiliate said on Tuesday.
Speaking during a panel session at the 2024 SelectUSA Investor Summit, Masdar Americas president and chief executive Philip Haddad said the clean energy company was looking to achieve this growth by investing in development and operating platforms.
Masdar in March agreed to acquire the US clean renewable energy power producer Terra-Gen – one of the largest independent renewable energy producers in the US – from Energy Capital Partners.
Masdar hopes to complete the deal by the end of this year.
“We're here for the long term … and it's a very exciting time in our industry to be in the US especially,” Mr Haddad said.
Masdar made its first investment in the US energy market in 2019. The Abu Dhabi-based company says the US will play an integral role as Masdar looks to build a global renewable energy portfolio of at least 100 gigawatt capacity by 2030.
“Our biggest source of growth will be in the US,” Mr Haddad added.
The company also acquired a 50 per cent stake in California's Big Beau project last year.
Masdar's US portfolio consists of four utility-scale wind projects in Texas and New Mexico, as well as five solar projects in California. The Big Beau project is one of two that features battery energy storage systems, the company says.
Mr Haddad highlighted several factors he said made the US a favourable environment for the company, including clean energy credits from President Joe Biden's Inflation Reduction Act, as well as the US energy transition and the country's talent pool.
Mr Haddad also noted “micro challenges” for the company in the US including permitting, grid enhancement and supply-chain issues.
The Masdar Americas chief executive was part of a large UAE contingent to descend upon the Investor Summit, an annual event looking to attract foreign direct investment into the US.
Dr Thani Al Zeyoudi, Minister of State for Foreign Trade, led a group of 35 Emirate businesses, the largest delegation the UAE has sent to the event.
In a statement, the UAE embassy in Washington said the visit underscores the Emirates' commitment to strengthening economic ties with the US, where it has already invested more than $1 trillion.
The delegation was also led by Martina Strong, US ambassador to the UAE.
