Deal will once again see Masdar partner with Akuo Energy
Abu Dhabi Future Energy Company (Masdar) has acquired John Laing Group’s interest in two US wind farms. The UAE-based company executed a share purchase agreement (SPA), which marks the first time it has invested in renewable energy projects in North America
According to a report by WAM, Masdar will acquire John Laing’s interest in the Rocksprings wind farm in Texas and the Sterling wind farm in New Mexico. The transaction is expected to be complete in H1 2019, following a standard government and financing partner consents process.
“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,” said Mohamed Jameel Al Ramahi, CEO of Masdar.
The 149MW Rocksprings project was commissioned in 2017 and relies on 53 General Electric (GE) 2.3MW wind turbines and 16 1.72MW turbines at a site in Val Verde County. The farms are said to take advantage of the windy conditions that the Texas region is known for. The Sterling project in Lea County, New Mexico was also completed in 2017 and has a total installed capacity of 29.9MW provided by 13 GE 2.3MW turbines.
Olivier Brousse, John Laing’s CEO added, “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.”
On completion of the deal, Masdar will become partners with French renewable power producer Akuo Energy. Masdar already has an ongoing partnership with Akuo Energy in Montenegro’s first wind energy project, the 72MW Krnovo Wind Farm.
Eric Scotto, CEO and co-founder of Akuo Energy concluded, “After partnering with Masdar in Montenegro, we are thrilled to team up once again and in particular in the US which is a key market for our development activities. This new partnership illustrates the strength of the relationship between Masdar and Akuo across diverse geographies.”