Masdar To Develop Solar Plant in Greece With Taaleri Energia

UAE based leading renewable energy company, Masdar has announced its first investment in Greece for developing a 65 megawatts (MW) solar PV project with Taaleri Energia, a firm that invests in solar and wind assets.

A joint venture of both companies, Masdar-Taaleri Generation (MTG) will be managing the solar project alongside local partners, the Constantakopoulos family, and Autohellas S.A. This joint venture MTG was announced at Abu Dhabi Sustainability Week 2019 and it has been perceived as a development vehicle for renewable energy projects in Central and South-Eastern Europe.

Interestingly, this will be the first-ever investment of Masdar in the market of Greece. The agreement and co-development of the project was announced at a virtual signing ceremony.

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The 65 MW solar project is under the advanced development stage and is expected to be fully constructionally developed by 2023. The plant is located in the region of Viotia, about 65 kilometers north of the Greek capital, Athens. It is expected that the project will participate in Greece’s feed-in-tariff premium auction scheme in late 2021.

Speaking of the investment, Masdar CEO Mohamed Jameel Al Ramahi stated, “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.”

On the completion of the project, the plant will be producing over 100 gigawatts of clean electricity annually, as MTG says. Consequently, according to Greece’s National Energy and Climate Plan (NECP), the country endeavors to produce 35 percent of its energy from renewable sources only by 2030.

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

Apart from this 65 MW solar PV project in Greece, the joint venture MGT has also invested in the development and construction of the Baynouna Solar Energy Project, a 200 MW solar PV plant in Jordan in 2018, the largest single-site solar PV project in the country.