Masdar expands its European presence

5 December 2023

Abu Dhabi Future Energy Company PJSC – aka Masdar – and Taaleri Energia, a Finland-based renewable energy developer and fund manager, have announced the acquisition of eight hybrid renewable energy projects in Poland. The acquisition marks a significant expansion to both companies’ Polish renewable energy portfolios.

Masdar and Taaleri Energia have purchased the projects from Domrel Biuro Uslug Inwestycyjnych (Domrel), a prominent developer in the Polish renewable energy market specialising in the development of RES power plants across the country. They will maintain an ongoing relationship with Domrel to progress the projects through the required developmental stages.

Once operational, the eight projects, which include solar photovoltaic and onshore wind technologies, will have a combined capacity of more than 1 GW, enough to offset 1.8 million tonnes of carbon dioxide each year.

By developing hybrid PV solar and wind projects, Masdar is capitalising on recent amendments to the Polish Energy Law, known as Cable Pooling, which allow for the linking of different renewable energy sources in a single grid connection.

Solar and wind power rarely operate at full capacity at the same time and Cable Pooling helps to stabilise renewable energy generation at each connection, while optimising the grid to ensure reliable power supply to homes and businesses across Poland. The amendment, which entered into force in October 2023, is expected to add approximately 25 GW of renewable capacity in the country.

The agreement was signed by Masdar Head, Development and Investment (Europe), Amalia Giannakikou, Taaleri Energia Investment Director, Stephen Butler and Domrel Business Development Manager, Michal Wisniewski.

The acquisition builds on Masdar’s existing investments and commitments in Poland, including the Mlawa wind farm, located in Mazowieckie in the north of the country, and the Grajewo wind farm, located in Podlaskie, in the north-east. The projects were inaugurated in 2021 and have a combined installed operational capacity of 51.4 MW.

Taaleri Energia managing director Kai Rintala said: “Our partnership with Masdar is an extremely valuable part of our investment strategy in the CEE region. This deal brings the total number of development projects in our SolarWind III Fund portfolio to 61, representing a potential gross generation capacity of 7.6 GW.”

Poland is seeking to increase installed wind capacity to 11 GW by 2040 and solar PV to 10-16 GW by the same year. Masdar’s investments in the country will help Poland to meet the ambitious targets set out in the Energy Policy of Poland, which will have a significant impact on reducing its carbon emissions.

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