Masdar completes $950m solar and battery storage project in US

Masdar, the Abu Dhabi clean energy company, has finished construction on its $950 million Lockhart Solar and Storage complex in California, expanding its renewable energy portfolio in the United States. The 365 megawatts of solar generation paired with 173.7MW of battery storage can supply power to approximately 350,000 homes and businesses annually.

Developed by Terra-Gen, a joint venture between Masdar and Igneo Infrastructure Partners, the project has secured off-take agreements with corporate buyers and long-term power purchase agreements with California entities to meet their energy demands. Masdar Americas President and CEO, Khaleefa Almheiri, stated, "We are delivering reliable, affordable power, creating skilled jobs and supporting economic growth."

During its operational life, the plant is projected to generate over $40 million in property tax revenue and contribute further benefits to the community. As electricity demand surges, driven by AI, advanced manufacturing, and economic growth, Masdar aims to be a long-term partner in powering America's future. John O'Connor, Terra-Gen's CEO, added that solar energy is economical and storage enhances its value by ensuring energy availability when needed.

Masdar has already invested $3 billion in the US and plans to invest another $20 billion over the next decade, aiming to grow its US portfolio to up to 25GW by 2030. The Abu Dhabi-based Masdar targets a portfolio capacity of 100GW by 2030, developing new renewable projects globally.