Global Infrastructure Partners, an independent USD5.64bn infrastructure investment fund, has reached agreement to acquire up to a 40 per cent convertible preferred interest in Terra-Gen Power from ArcLight Capital Partners.
Financial details of the investment were not disclosed.
Terra-Gen is a US renewable power generation company that owns or operates over 800 megawatts of renewable power facilities, including geothermal, wind and solar projects across a broad area of the US.
Terra-Gen also has over 5,000 MW of renewable energy projects under development.
Following completion of this transaction, which is expected by year-end, ArcLight and GIP will be partners in driving the continuing growth of Terra-Gen.
Adebayo Ogunlesi, chairman and managing partner of GIP, says: “We are very pleased to be working with ArcLight and the outstanding Terra-Gen management team to help meet the growing demand for clean, renewable energy in the US. Their capabilities are an ideal complement to GIP’s operational strengths and our expertise in the power sector.”
