Terra-Gen Acquisition, Valuation, Funding & Investors

Terra-Gen was acquired by Masdar for $1.5B in September 2024.

Terra-Gen acquisition price

$1.5B

Acquired by Masdar · Sep 2024

Cumulative funding Terra-Gen raised

$55M

across 1 funding round

Key investors in Terra-Gen

Terra-Gen Overview

About Terra-Gen

Terra-Gen is a United States renewable-energy developer and operator established in 2007. It develops, finances, constructs and operates utility-scale wind, solar, geothermal and battery-storage facilities, with a concentration in California and other western power markets. The company sells electricity and capacity to utilities and corporate customers under long-term contracts and earns operating cash flows from its generation portfolio. Its teams manage project origination, permitting, interconnection, construction and ongoing plant operations. Terra-Gen has developed large hybrid solar-and-storage projects as well as established geothermal and wind assets. Energy Capital Partners sold a 50% stake to Masdar in 2024, creating a joint ownership structure intended to fund continued portfolio expansion.


Founded

2007

HQ

United StatesNew York City, NY

Status

Acquired

Customer focus

B2B

Revenue model

Product sales

Valuation

$1.5B (acquired Sep 2024)

Terra-Gen Acquisition

Terra-Gen was acquired by Masdar for $1.5B on 30 September 2024.

Before the acquisition Terra-Gen had raised $55M across 1 funding round.

On 30 September 2024, Masdar completed or formally announced the acquisition of a 50% shareholding in Terra-Gen Power Holdings II LLC from Energy Capital Partners. The transaction gave Masdar a direct equity interest in the legal project company and therefore qualifies as a company-level acquisition rather than a purchase of equipment or construction expenditure. Terra-Gen Power Holdings II LLC owns or develops a a multi-gigawatt operating and development portfolio renewable power generation and battery storage project in California, Texas, and other US markets, the United States. The company earns or is expected to earn revenue by supplying electricity and related grid services under project-specific offtake, hedge, or wholesale-market arrangements. Igneo Infrastructure Partners continued to own the other 50% following closing. Masdar’s audited accounts recorded US$1,498.4 million of cash consideration, making this a direct corporate platform acquisition rather than an allocation of individual project construction values. The investment expanded Masdar's operating renewable-energy portfolio and provided continuing governance rights over the project company. Mubadala controlled Masdar throughout the relevant transaction period, so this acquisition is attributable to the Mubadala house while the operating buyer remains Masdar. The event has been separated from other projects in the same package because each target is a distinct incorporated company with its own project interest.

Terra-Gen acquisition details
AcquirerDateTypePrice
  • Masdar
30 Sep 2024Strategic M&A$1.5B

Sources: masdar.ae, masdar.ae

Terra-Gen Funding History

Terra-Gen has raised a total of $55M across 1 funding round, plus 1 secondary share sale.

Terra-Gen funding rounds

Terra-Gen funding rounds
DateStageInvestorsRaisedDeal Summary
Jun 2026Undisclosed stagePantheon Infrastructure (lead)$55MPantheon Infrastructure PLC committed approximately $55 million (£41 million) to Terra-Gen, a leading U.S. renewable energy platform, through a co-investment vehicle managed by Igneo Infrastructure Partners. The financing, announced in June 2026, is funded from Pantheon's existing cash reserves and supports Terra-Gen's development of utility-scale solar, wind, and battery storage infrastructure. The investment is expected to deliver stable, inflation-linked cash flows and significant capital growth potential, leveraging strong structural tailwinds in the U.S. renewables sector. Terra-Gen develops, constructs, and operates utility-scale renewable energy assets, currently managing approximately 4 GW of capacity with a pipeline of 16 GW. Its operations are primarily concentrated in California, Texas, and New York, positioning the company as a key player in the rapidly expanding U.S. clean energy market. The strategic rationale for Pantheon's investment includes exposure to long-term growth in renewable infrastructure and alignment with global decarbonization trends. Terra-Gen is a U.S.-based renewable energy developer focused on large-scale solar, wind, and battery storage projects. The company operates across multiple high-growth regions in the U.S., with a substantial project pipeline indicating strong future expansion potential. Financial terms were not disclosed.
Dec 2020SecondaryIgneo Infrastructure Partners-Funds managed by Igneo Infrastructure Partners, then trading as First Sentier Investors, acquired a 40 per cent interest in Terra-Gen from Energy Capital Partners, with the sale closing on 31 December 2020. Financial terms were not disclosed and no public enterprise value has been reported. In February 2021 the funds agreed to acquire a further 10 per cent, taking the holding to 50 per cent alongside Energy Capital Partners. Terra-Gen is a United States renewable power producer with a portfolio of operating wind, solar, geothermal and battery storage assets, concentrated in California and the western United States, selling output largely under long-term power purchase agreements. Energy Capital Partners had acquired Terra-Gen in 2015 and more than tripled its operating portfolio. Since 2020 the business has added over 1 GW of generating capacity and 5 GWh of storage under joint Igneo and Energy Capital Partners ownership.

Who has invested in Terra-Gen?

2 investors have backed Terra-Gen across its funding rounds, including Igneo Infrastructure Partners and Pantheon Infrastructure.

Lead investors include Pantheon Infrastructure.


Terra-Gen Investors

Investors in Terra-Gen by funding rounds participated
InvestorHQRoundsRoleFirst check

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Terra-Gen Competitors

Terra-Gen competitors include listed companies like Scatec, Celsia, Juniper Green Energy and CleanMax, and private ones like EGPE Solar and Amarenco.

Public and private companies comparable to Terra-Gen
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
ScatecNorwayNorwayPublicly listed$388M-$1.5B8.5x
CelsiaColombiaColombiaPublicly listed$1.7B$476M$1.5B1.3x
Juniper Green EnergyIndiaIndiaPublicly listed$75M$65M$1.5B20.7x
CleanMaxIndiaIndiaPublicly listed$203M$128M$1.6B11.4x
EGPE SolarSpainSpainPrivate--$2B-
AmarencoIrelandCorkPrivate--$1.1B-

Terra-Gen Public Comps

Terra-Gen is no longer listed, but its public comps include Mach Natural Resources, Balrampur Chini Mills, CS Wind, Scatec, Romande Energie, Celsia, Vedanta Power, Infortar, Juniper Green Energy and Godawari Power & Ispat.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Mach Natural Resources$1.2B$508M2.3x1.8x5.2x3.6x
Balrampur Chini Mills$666M$86M2.4x2.2x18.6x15.4x
CS Wind$2.2B$208M1.0x1.0x10.3x6.6x
Scatec$388M-12.4x8.5x-11.7x
Romande Energie$965M$232M1.9x2.0x7.9x9.1x
Celsia$1.7B$476M1.2x1.3x4.2x3.8x
Vedanta Power$945M($78M)2.4x-(29.1x)-
Infortar$2.1B$279M1.3x-9.9x-

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Common questions about Terra-Gen

When was Terra-Gen founded?Terra-Gen was founded in 2007.
Where is Terra-Gen headquartered?Terra-Gen is headquartered in New York City, NY, United States.
Is Terra-Gen publicly listed?No, Terra-Gen was acquired by Masdar in September 2024.
Who acquired Terra-Gen?Terra-Gen was acquired by Masdar in September 2024.
How much was Terra-Gen acquired for?Terra-Gen was acquired for $1.5B in September 2024.
How much funding has Terra-Gen raised?Terra-Gen has raised $55M across 1 funding round.
What was Terra-Gen's last funding round?Terra-Gen's last funding round was a $55M undisclosed-stage round in June 2026, led by Pantheon Infrastructure.
Who are Terra-Gen's investors?Terra-Gen's investors include Pantheon Infrastructure and Igneo Infrastructure Partners.
Which companies are comparable to Terra-Gen?Companies comparable to Terra-Gen include Scatec, Celsia, Juniper Green Energy, CleanMax, EGPE Solar and Amarenco.

See companies similar to Terra-Gen

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