Masdar and Taaleri Energia to develop solar plant in Greece

Masdar and Taaleri Energia, which invests in utility-scale wind and solar assets, have agreed to develop a 65-megawatt (MW) solar photovoltaic (PV) project in Greece. The project will be managed through the companies’ joint venture Masdar-Taaleri Generation (MTG).

The co-development was announced at a virtual signing ceremony, attended by Dionyssios Zois, Ambassador of the Hellenic Republic to the UAE, and Sulaiman Hamed Salem AlMazroui, UAE Ambassador to the Hellenic Republic.

According to Masdar, the project is its first investment in the Greek market and will be developed by MTG alongside local partners, the Constantakopoulos family and Autohellas S.A.

“We are extremely pleased for today’s virtual signing of the agreement between two prominent Greek business groups, the Constantakopoulos family and Autohellas SA, and the joint venture between Masdar, the UAE’s renewable energy leader, and Finland’s Taaleri Energia, a prominent international player in clean energy, to establish a solar photovoltaic project in Greece,” Zois said.

“We congratulate all the business groups involved and specifically Masdar on their very first investment in the Greek renewable energy sector and we hope that this agreement will pave the way for additional Emirati investments in Greece, either from Masdar or other UAE entities,” he added.

Al Mazroui, in turn, stated, “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 per cent of their energy mix from renewables by 2030. We look forward to strengthening our relationship further by expanding our bilateral collaboration in the near future.”

The project is located in the region of Viotia, approximately 65 kilometers north of the Greek capital, Athens, and is in the advanced development stage, with construction expected to be completed in 2023. It is intended that the project will participate in Greece’s feed-in-tariff premium auction scheme in late 2021.

“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,” said Mohamed Jameel Al Ramahi, Chief Executive Officer of Masdar.

“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,” said Kai Rintala, Managing Director of Taaleri Energia.

When complete, the solar PV plant will produce over 100 gigawatt-hours (GWh) of electricity annually.

“We are proud to be part of this multi-stakeholder venture for the development of a significant photovoltaic project in our country, and to join reputable groups which are leaders in their respective fields. Together, we can contribute to Greece’s and our group’s sustainability targets, in maximizing the use of renewable energy,” said Achilles V. Constantakopoulos.

According to Greece’s National Energy and Climate Plan (NECP), the country aims to produce 35 per cent of its energy from renewable sources by 2030. The plan also targets production of over 60 per cent of the country’s electricity consumption through renewables by the same year, doubling its current contribution.

“Autohellas is honoured 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,” said Eftichios Vassilakis, Chief Executive Officer of Autohellas S.A.

The Masdar-Taaleri JV, MTG, was announced at Abu Dhabi Sustainability Week 2019, and is a development vehicle for renewable energy projects in Central and South-Eastern Europe.

Masdar and funds managed by Taaleri Energia are co-investment partners in the 158 MW ?ibuk 1 wind farm in Serbia, and recently acquired an equal share 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 have jointly invested in the development and construction of the Baynouna Solar Energy Project, a 200 MW solar PV plant in Jordan, the largest single-site solar PV project in the country.

Masdar announced recently the signing of agreements worth about $200 million to develop a utility-scale solar photovoltaic (PV) project in the Republic of Azerbaijan. The 230-megawatt (MWac) project is the country’s first foreign investment-based independent solar project structured as a public-private partnership.

WAM