Finnish renewables developer and fund manager Taaleri Energia has formed a joint venture with Masdar, the Abu Dhabi Future Energy Company, to develop solar and wind projects in Central and Eastern Europe.
The JV aims to build upon of the success of Masdar and Taaleri’s ongoing activities in the Western Balkans and to capitalize on projected clean energy growth in the central and Eastern European region, such as in Poland where more than 3GW of new onshore wind capacity is expected to be added over the next few years. Multilateral institutions have also recently urged the West Balkan countries to consider replacing a significant portion of their 9GW of aging coal-fired generation capacity with renewables, and Greece has announced plans to add up to 2.3GW of new solar and wind capacity by the end of 2020.
Bader Al Lamki, executive director of Clean Energy, Masdar, said: “What we’ve accomplished in partnership with Taaleri in Serbia and Jordan is a testament to the important role that strong partnerships play in unlocking access to renewable energy. We are proud to build on the experiences gained through our strong collaboration, to help countries in Central and Eastern Europe meet their renewable energy goals.”
Kai Rintala, Managing Director of Taaleri Energia, added: “Working together with Masdar in this joint venture we will generate high-quality deal flow in Central and Eastern Europe which will provide the funds that we manage opportunities to invest in the region in attractive projects with high calibre investment, financing, equipment and construction partners and counterparties.”