UAE's Masdar invests in Europe, America renewable energy projects
Sustainability giant inks JV with Finland's Taaleri and acquires two wind farms in Texas and New Mexico
Finnish wealth management firm Taaleri Energia has partnered with the Abu Dhabi Future Energy Company (Masdar) in a bid to accelerate wind and solar renewable energy development in Central and Eastern Europe.
The joint venture, Taaleri said, aims to build upon of the success of Masdar and its own ongoing activities in the Western Balkans through the joint development of onshore wind and solar photovoltaic (PV) projects.
Taaleri said it decided to jointly pursue the development of renewable energy projects in the Central and Eastern Europe region alongside Masdar, in part, because of the “forecasted growth of renewable energy in the region and the substantial volume of opportunities”.
This included the Polish wind market, where more than 3 gigawatts (GW) of new capacity is expected to be added over the next few years, Masdar announced at the ongoing Abu Dhabi Sustainability Week.
Multilateral institutions have recently urged the West Balkan countries to consider replacing a significant portion of their 9 GW of aging coal-fired generation capacity with renewables, Taaleri added.
News of Masdar’s Taaleri deal also comes on the same day as it closed its share purchase agreement to acquire John Laing Group’s interest in two US wind farms.
The addition of the Rocksprings wind farm in Texas and the Sterling wind farm in New Mexico – both of which were commissioned in 2017 – marks Masdar’s initial entry into the North American market.
“The United States provides excellent commercial potential in the long-term, with a record 6.3% of the country’s electricity generated from wind in 2017,” said Mohamed Jameel Al Ramahi, Madar’s chief executive officer.
“We aim to increase our investments in the US in the next few years as we continue to strengthen our current partnerships and explore new business opportunities.”