Abu Dhabi’s alternative energy company Masdar has bought a 50% stake in Terra-Gen, one of the largest private renewable energy producers in the U.S., from Energy Capital Partners, the company said in a statement on Tuesday.

The move comes as Masdar looks to develop or acquire an energy portfolio of at least 100 GW capacity by 2030, with the U.S. a crucial market to achieve its target.

The world’s biggest economy is the second-largest renewable energy market. Solar power, wind and other alternatives to fossil fuels are on track to become the leading sources for electricity by the mid-2030s, according to government figures.

Under terms of the sale, ECP will fully exit its position in San Diego, Calif.-based Terra-Gen. Igneo Infrastructure Partners, an Australian global infrastructure investment manager, will retain its existing 50% stake in the company. Igneo made its initial investment in Terra-Gen in December 2020.

Further financial details were not disclosed and the transaction is still subject to regulatory approvals.

The deal “reinforces Masdar’s long-term commitment across our U.S. portfolio,” Mohamed Jameel Al Ramahi, CEO of Masdar, said in a statement.

Established in 2007, Terra-Gen is an independent provider of end-to-end renewable project development, financing and operations. Terra-Gen currently operates 2.4 GW of wind and solar, and 5.1 GWh of energy storage facilities across 32 renewable power sites throughout the U.S., predominantly in California and Texas.

Masdar, which is owned by Abu Dhabi sovereign wealth fund Mubadala and state-owned energy companies ADNOC and TAQA, plans to support Terra-Gen’s U.S. expansion plans. The 18-year-old company first invested in the U.S. energy market in 2019. Its U.S. portfolio of utility-scale wind, solar and storage assets has a generating capacity of more than 1.4 GW.