Abu Dhabi – Mubasher: Abu Dhabi Future Energy Company (Masdar) on Tuesday announced that it will acquire stakes in two wind farms in the US.
The UAE-based clean energy giant revealed that it reached an agreement to buy John Laing Group’s stakes, marking its first North American renewable energy investment, Masdar said on Twitter.
Commenting on the acquisition, CEO of Masdar Mohamed Jameel Al Ramahi said, “Extending our reach into the US 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.”
It is expected that the deal will be closed during the first half of 2019, Arabian Business reported, citing Masdar.
“The US provides excellent commercial potential in the long-term, with a record 6.3% 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,” Al Ramahi added.
The company did not give further details regarding the value and size of the acquired stakes.
