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Sat 19 Jan 2019 11:54 AM

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UAE's Masdar targets Europe with new clean energy JV

Masdar and Taaleri Energia, a Finnish wind and solar developer and fund manager, sign agreement for joint venture

UAE's Masdar targets Europe with new clean energy JV
The proposed joint venture between Masdar and Taaleri will further strengthen the companies’ strategic alliance in renewable energy.

Abu Dhabi-based Masdar and Taaleri Energia, a Finnish wind and solar developer and fund manager, have signed an agreement with the aim of developing renewable energy projects in Central and Eastern Europe.

A new joint venture aims to build upon the success of Masdar and Taaleri’s ongoing activities in the Western Balkans by expanding their collaboration through the joint development of onshore wind and solar photovoltaic projects.

The joint venture agreement was signed by Karri Haaparinne, deputy CEO of Taaleri, and Bader Al Lamki, executive director of Clean Energy, Masdar, on the sidelines of the World Future Energy Summit in Abu Dhabi.

Masdar and Taaleri have decided to jointly pursue the development of renewable energy projects in the Central and Eastern Europe region, due in part to the forecasted growth of renewable energy in the region and the substantial volume of opportunities.

This includes the Polish onshore wind market, where more than 3 gigawatts of new capacity is expected to be added over the next few years.

At the same time, multilateral institutions have recently urged the West Balkan countries to consider replacing a significant portion of their 9 gigawatts of aging coal-fired generation capacity with renewables, while Greece has announced plans to add up to 2.3 gigawatts of new solar and wind capacity by the end of 2020.

Lamki said: “What we’ve accomplished in partnership with Taaleri in Serbia and Jordan is a testament to the important role that strong partnerships play in unlocking access to renewable energy. We are proud to build on the experiences gained through our strong collaboration, to help countries in Central and Eastern Europe meet their renewable energy goals.”

Haaparinne added: “We are pleased to build upon our successful experience of investing in Serbia alongside a highly-professional, world class partner such as Masdar.”

The proposed joint venture between Masdar and Taaleri will further strengthen the companies’ strategic alliance in renewable energy. The Taaleri Energia SolarWind I fund has invested alongside Masdar in the Cibuk 1, 158MW wind farm in Serbia, and in the Baynouna Solar Energy Company, which is constructing a 248 MWp solar PV plant in Jordan, the largest in the country.

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