- Agreement marks significant expansion of Masdar’s European renewable energy portfolio
- Projects in Poland are expected to come online between 2026 and 2030 and will have a combined total capacity of more than 1 GW
- The eight-site project will harness a hybrid of solar photovoltaic (PV) and onshore wind power to maximize grid allocation.
DUBAIUnited Arab Emirates, December 5, 2023 /PRNewswire/ — COP28Expo City Dubai Abu Dhabi Future Energy Company PJSC – Masdar, the UAE’s clean energy powerhouse, today announced the acquisition of eight hybrid renewable energy projects, alongside Taaleri Energia, a renewable energy developer and fund manager based in Finland, marking a significant expansion for both companies. Polish renewable energy portfolios.
Masdar and Taaleri Energia have purchased the projects of Domrel Biuro Usług Inwestycyjnych (Domrel), a leading developer in the Polish renewable energy market specializing in the development of RES power plants across Poland. They will maintain an ongoing relationship with Domrel to progress projects through the required development stages.
Once operational, the eight projects, which include solar photovoltaic (PV) and onshore wind technologies, will have a combined capacity of more than 1 gigawatt (GW), enough to power around 223,000 homes and offset 1.8 million tonnes of carbon dioxide every year. They represent a significant expansion of Masdar’s growing European portfolio.
By developing hybrid solar and wind PV projects, Masdar is capitalizing on recent amendments to the Polish Energy Law, known as Cable Pooling, which allow different renewable energy sources to be linked into a single grid connection.
Solar and wind power rarely operate at full capacity at the same time due to the intermittent production of wind and solar power. Cable bundling helps stabilize renewable energy production at every connection, while optimizing the network to ensure reliable power supply to homes and businesses around the world. Poland. The amendment, which came into force in October 2023is expected to add around 25 GW of renewable capacity in Poland.
The agreement was signed by Masdar, head of development and investment (Europe), Amalia Giannakikou, investment director of Taaleri Energia, Stephen Butler and Michał Wiśniewski, Business Development Director of Domrel.
The Ambassador of Poland to the United Arab Emirates, His Excellency Mr. Jakub Slawekthe Chairman of the Board of Directors of Bank Gospodarstwa Krajowego, Beata Daszyńska-Muzyczka, Director of Development and Investment of Masdar (EMEA), Ahmed Al-AwadiChairman and CEO of Domrel Développement, Maciej Chmielarski and the general director of Taaleri Energia, Kai Rintala.
MasdarCEO Mohamed Jameel Al Ramahi said: “This bold and progressive step expands our portfolio in Europe and supports Poland in achieving its climate action goals. We applaud Poland recent legislative developments in the renewable and clean energy sector, which have opened the door to additional renewable capacity by allowing solar-wind hybrid projects to connect to the grid. As a global pioneer in clean energy, we are proud to invest in new and innovative technologies and project structures. Poland and through Europe which will provide reliable, safe and sustainable energy to businesses and communities.
This historic announcement 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 northeast. The projects were inaugurated in 2021 and have a combined installed operational capacity of 51.4 MW.
Managing Director of Taaleri Energia, Kai Rintala said: “We are delighted with the acquisition of these eight Polish hybrid renewable energy projects. Our partnership with Masdar is an extremely valuable part of our investment strategy in the CEE region. This agreement brings the total number of development projects in our SolarWind III fund. portfolio to 61, representing a potential gross production capacity of 7.6 GW. »
Domrel Chairman and CEO, Maciej Chmielarskisaid: “We are very pleased to establish cooperation with partners who are leaders in their national markets and who are also dynamically expanding their operations beyond them. For us, one of the main reasons why we entered into this strategic collaboration was a shared vision of Poland the future and common values that bind us as partners with Masdar and Taaleri.
Poland seeks to increase installed wind capacity to 11 GW by 2040 and that of solar PV to 10-16 GW by the same year. Masdar’s investments in the country will help the country achieve the ambitious targets set in the country’s energy policy. Polandwhich will have a significant impact on reducing carbon emissions in the country.
About Masdar
Abu Dhabi Future Energy Company (Masdar) is the UAE’s clean energy champion and one of the world’s fastest growing companies, advancing the development and deployment of renewable energy technologies and green hydrogen to address global sustainability challenges. Established in 2006, Masdar has developed projects in more than 40 countries, helping them achieve their clean energy goals and advance sustainable development. Masdar is jointly owned by Abu Dhabi National Oil Company (ADNOC), Mubadala Investment Company (Mubadala) and Abu Dhabi National Energy Company (TAQA), and under this ownership the company targets a renewable energy portfolio capacity of at least 100 gigawatts (GW) by 2030 and an annual green hydrogen production capacity of up to 1 million tonnes by the same year.
About Taaleri Energia
Taaleri Energia is a renewable energy fund developer and manager with one of the largest dedicated renewable energy investment teams in the world. Europemanaging a 9.7 GW wind, solar and battery storage portfolio in Europethe United States and the Middle East.
For More information please visit: http://www.masdar.ae and log in: facebook.com/masdar.ae And twitter.com/masdar
This material is distributed by Daniel J. Edelman, Inc. on behalf of Masdar. Additional information is available from the Department of Justice, Washington, D.C..
SOURCE Masdar
