A 30% stake in the largest solar power project under development in Jordan has been bought by Taaleri Group, which will participate in the construction and operation of the solar plant alongside the majority shareholder Abu Dhabi Future Energy Company (Masdar).
The 200MWac / 248MWdc Baynouna project will be one of the largest solar developments in the Middle East when it reaches full operations in the first quarter of 2020 at a total project cost of €210 million (~US$252 million).
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Petri Isotalus, investment director at Taaleri Energia, said: “Taaleri is very pleased to invest in this significant industrial scale solar PV project alongside Masdar, one of the strongest renewable energy companies in this industry.
“Jordan has world-class solar resources and reliable contractual framework for renewable energy. We are very excited to start the construction and production of sustainable and competitive solar power electricity and support Jordan in meeting its renewable energy targets.”
Masdar, a renewable energy corporation fully owned by Mubadala Investment Company, retains its status as majority shareholder of the project, which will sell its generated electricity to the Jordanian National Electric Power Company (NEPCO) under a 20-year power purchase agreement secured in October.