Masdar has completed its $950 million Lockhart Solar and Storage complex in California as the Abu Dhabi clean energy company continues to expand its renewable energy portfolio in the US.
With 365 megawatts of solar generation and 173.7MW of battery storage, the project can produce electricity to meet the annual needs of about 350,000 homes and businesses, Masdar said on Friday.
The project was developed by Terra-Gen, which is owned jointly by Masdar and Igneo Infrastructure Partners.
It has offtake agreements with corporate buyers and long-term power purchase agreements with California load-serving entities to help meet their energy needs.
“We are delivering reliable, affordable power, creating skilled jobs and supporting economic growth,” said Khaleefa Almheiri, president and chief executive of Masdar Americas.
Engineering and construction of the complex is expected to generate more than 1,000 on-site jobs.
The plant is also expected to generate more than $40 million in property tax revenue over its operating life, along with additional contributions and benefits to the local community.
“As electricity demand accelerates, driven by AI, advanced manufacturing and wider economic growth, Masdar is proud to be a long-term partner in powering America’s future,” Mr Almheiri said.
There has been a growing demand for power from the US and other countries amid the AI-driven data centre boom.
“Solar is one of the most economical sources of new electricity and storage extends its value by making that energy available when it’s needed most,” said John O’Connor, chief executive at Terra-Gen.
Masdar has invested about $3 billion in the US and plans to invest a further $20 billion over the next decade, with an ambition to grow its US portfolio to up to 25GW by 2030.
Owned jointly by Abu Dhabi's Taqa, Adnoc and Mubadala, Masdar is targeting a portfolio capacity of 100GW by 2030 as it continues to develop new renewable projects globally.
