Abu Dhabi-based renewable energy company Masdar and Finland’s Taaleri Energia, which invests in utility-scale wind and solar assets, have agreed to build a solar photovoltaic (PV) project in Greece with a capacity of 65 megawatts (MW).
The project will be managed by Masdar-Taaleri Generation (MTG), a joint venture between the two companies. The co-development was announced at a virtual signing ceremony, attended by Mr. Dionyssios Zois, Ambassador of the Hellenic Republic to the UAE, and Mr. Sulaiman Hamed Salem AlMazroui, UAE Ambassador to the Hellenic Republic.
The project will be built by MTG alongside local partners, the Constantakopoulos family, and Greece-based Autohellas SA, according to Masdar. It will be its first investment in the Greek market.
Mr. AlMazroui pointed out that “today’s signing is a milestone occasion that will enhance the longstanding cooperation between Greece and the UAE. We are pleased to support the country’s climate change efforts and contribute to their goal of producing 35 percent of their energy mix from renewables by 2030. We look forward to strengthening our relationship further by expanding our bilateral collaboration soon.”
The project is in the advanced development stage and is scheduled to be completed in 2023. It is located in the Viotia area, about 65 kilometers north of the Greek capital, Athens. In late 2021, the project is expected to participate in Greece’s feed-in-tariff premium auction scheme.
“As we celebrate our fifteenth anniversary in the renewable energy sector, Masdar is proud to be expanding its global presence by making its first investment in Greece. We look forward to working with our partners and leveraging our international expertise in clean energy projects to support the diversification of the country’s energy mix while advancing our common climate change mitigation goals.”
The solar PV plant will generate over 100 gigawatt-hours (GWh) of electricity per year once completed.
Mr. Kai Rintala, Managing Director of Taaleri Energia added that “this is a high-quality solar PV development project in one of the Taaleri SolarWind II fund’s key markets for solar investments and further demonstrates the value of our joint venture and cooperation with Masdar.”
By 2030, Greece’s National Energy and Climate Plan (NECP) aims to generate 35 percent of its energy from renewable sources. By the same year, the plan aims to produce more than 60 percent of the country’s electricity consumption through renewables, more than double its current contribution.
Mr. Eftichios Vassilakis, Chief Executive Officer Autohellas SA stated that “Autohellas is honored to be making its first investment in the renewable energy sector alongside reputable, international and local partners with significant expertise in developing solar photovoltaic projects.”
MTG, a joint venture between Masdar and Taaleri, was unveiled at Abu Dhabi Sustainability Week 2019 as a production platform for renewable energy projects in Central and South-Eastern Europe.
Masdar and funds managed by Taaleri Energia are co-investment partners in Serbia’s 158 MW Čibuk 1 wind farm, and recently acquired an equal stake in two ready-to-build wind farms in Poland, the 37.4 MW Mlawa Wind Farm and the 14 MW Grajewo Wind Farm.
In the Middle East, the two companies collaborated to develop and construct the Baynouna Solar Energy Project, a 200 MW solar PV plant in Jordan that is the country’s largest single-site solar PV project.