LONDON: Pantheon Infrastructure PLC, a listed global infrastructure fund, has committed approximately $55 million (£41 million) to Terra-Gen, a U.S. renewable energy platform, through a co-investment vehicle managed by Igneo Infrastructure Partners.
Terra-Gen develops, constructs and operates utility-scale solar, wind and battery storage infrastructure to support electrification and decarbonisation of the U.S. power grid.
The platform operates about 4 gigawatts of capacity, the majority of which is contracted with investment-grade offtakers under long-term power purchase agreements, providing stable, inflation-linked cash flows. Terra-Gen also maintains a pipeline of approximately 16 gigawatts of projects.
The platform operates primarily in California, with development projects across Texas and New York. Terra-Gen has been an active developer in these power markets for more than 15 years, with first-mover advantages across key development sites, established relationships with investment-grade energy offtakers and a domestic equipment procurement strategy that the company says substantially insulates the portfolio from tariff risk.
The investment is expected to be funded from Pantheon Infrastructure’s existing cash reserves.
“Terra-Gen is a compelling addition to PINT’s portfolio,” said Richard Sem, partner at Pantheon, PINT’s investment manager.
“The asset combines a large, predominantly contracted operating base with an extensive development pipeline, offering strong downside protection through long-term, inflation-linked cash flows and significant capital growth potential.”
Sem said U.S. renewables continue to benefit from strong structural tailwinds, with demand for power from data centres and AI-related infrastructure growing rapidly.
“We are pleased to be partnering with Igneo on this transaction and look forward to working with them and the Terra-Gen management team to support the business through its next phase of growth,” Sem said.
Pantheon Infrastructure PLC is a closed-ended investment company and an approved UK Investment Trust, listed on the London Stock Exchange’s Main Market and a constituent of the FTSE 250.
The company’s independent board appointed Pantheon, a global private markets investment manager, as investment manager.
PINT aims to provide exposure to a diversified portfolio of infrastructure assets through direct co-investments with defensive characteristics, typically benefiting from contracted cash flows, inflation protection and conservative leverage profiles.
Pantheon has been active in private markets investing for more than 40 years, with approximately $84 billion in discretionary assets under management as of Dec. 31, 2025, across private equity, real assets and private credit. The firm has partnered with more than 760 clients, including institutional investors and private wealth advisers.
Pantheon became a signatory to the Principles for Responsible Investments in 2007 and has integrated ESG analysis into its investment process.
