Terra-Gen currently has an operating portfolio of 3.8GW of solar PV, battery energy storage and wind power projects, mostly across California and Texas. Masdar said the IPP's project development pipeline is over 12GW. Owned by the UAE government, Masdar already has a US portfolio of 1.4GW of solar, storage and wind assets. Ahmed Al Jaber, Masdar chairman and CEO of the Abu Dhabi National Oil Company (ADNOC), said: "The UAE and US have long been partners in efforts to advance clean energy, a collaboration culminating in the Partnership for Accelerating Clean Energy (PACE) agreement." The PACE agreement was signed in November 2022 with a view to catalysing US$100 billion in clean energy investment globally. Masdar secured US$1 billion in gr een bonds in July this year to develop new greenfield renewable energy projects. In late 2023, following the COP28 conference in the UAE, Masdar announced a flurry of deals for around 4GW of renewable energy capacity.