Masdar News

Masdar celebrates inauguration of first projects in Poland

09 Dec 2021

• Inauguration ceremony for Mlawa and Grajewo wind farms held at Expo 2020 Dubai in alignment with Poland National Honor Day 
• Masdar and Taaleri SolarWind II Fund each acquired a 50 percent stake in projects in 2020  marking their entry into the Polish renewable energy market

Abu Dhabi, United Arab Emirates, December 9, 2021: Masdar, one of the world’s leading renewable energy companies, and Taaleri SolarWind II Fund, which invests in utility-scale wind and solar assets, formally inaugurated the wind farms that they jointly own in Poland. 
The inauguration ceremony for the Mlawa and Grajewo wind farms was held at the Polish Pavilion at the Dubai Exhibition Centre, as part of the celebrations for Poland’s National Honor Day at Expo 2020 Dubai.  The event was attended by Peter Ramsay, Chief Executive Officer of Taaleri Group, Niall Hannigan, Chief Financial Officer of Masdar, and Jakub Slawek, Chargé d’Affaires of the Embassy of Poland, along with other senior executives and officials. 

In January, Masdar and Taaleri SolarWind II Fund announced that they had each acquired a 50 percent stake in the projects, marking their first investment in the Polish renewable energy market. The 37.4-megawatt (MW) Mlawa wind farm is located in Mazowieckie in northern Poland, while the 14 MW Grajewo project, which comprises two wind farms, is based in Podlaskie, in the north-east. Combined, the projects produce enough electricity to supply approximately 90,000 households in Poland, and offset 146,000 tonnes of carbon dioxide each year.

Niall Hannigan, Chief Financial Officer of Masdar, said, “This event marks a key milestone in Poland’s renewable energy journey and demonstrates Masdar’s commitment to the nation’s climate action objectives. We look forward to expand our presence in the Polish renewable energy sector and to strengthen our strategic partnership with Taaleri Energia through our joint venture, Masdar Taaleri Generation (MTG).” 

“This investment in Polish wind is underpinned by the increasing demand for clean energy and by a combination of the Contracts for Difference scheme and the availability of commercial offtake contracts in the Polish market. It also further demonstrates the value of our joint venture with Masdar,” said Taaleri Energia’s Managing Director, Kai Rintala.

Masdar and Taaleri, through MTG, are working together on a number of projects across Europe, with Masdar and Taaleri Energia announcing in May 2021 an agreement to co-develop a 65 MW solar photovoltaic (PV) power plant in Greece. The project, marking the parties’ first investment in Greece, will be developed through a joint venture between the two companies, alongside two local partners. Masdar and Taaleri Energia are partners in the 158 MW Čibuk 1 wind farm in Serbia, and in the 200 MW Baynouna Solar Energy Project, the largest of its kind in Jordan. 

The Polish projects were developed by Vestas, together with V-Ridium Power Services, which is providing the engineering, procurement and construction (EPC), and technical and commercial management services during the construction and operational phases.  Project financing is provided by the European Bank for Reconstruction and Development (EBRD), DNB Polska and TFI PZU.

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About Masdar
Abu Dhabi’s renewable energy company Masdar is advancing the commercialization and deployment of renewable energy, sustainable urban development and clean technologies to address global sustainability challenges. Wholly owned by Mubadala Investment Company, the strategic investment company of the Government of Abu Dhabi, our mandate is to help maintain the UAE’s leadership in the global energy sector, while supporting the diversification of both its economy and energy sources for the benefit of future generations. Today, Masdar is active in 40 countries, including the UAE, Jordan, Saudi Arabia, Mauritania, Egypt, Morocco, the UK, the US, Australia, Serbia, India, Indonesia, Uzbekistan, and many more. 
Contacts:
E-mail: press@masdar.ae
Tel enquiries in Arabic: +971 2 653 3333
Tel enquiries in English: +971 2 653 6014
For more information please visit: http://www.masdar.ae and connect: facebook.com/masdar.ae and twitter.com/masdar

About the Taaleri SolarWind II fund
The Taaleri SolarWind II fund invests in utility-scale wind and solar assets. The fund is investing in a diversified portfolio of ready-to-build assets in five key markets; the Nordics & Baltics, Poland, South East Europe, Iberia and Texas. It is estimated that the fund will finance approximately 850 MW of renewable energy capacity, which will offset over 1 million tonnes of CO2 annually throughout the 25-year lifetime of the assets.

The fund’s investors include the European Investment Bank, Ilmarinen Mutual Pension Insurance Company, Varma Mutual Pension Insurance Company, the European Bank for Reconstruction and Development, Obligo Global Infrastuktur II Fund, the Finnish Church Pension Fund, the Nordic Environment Finance Corporation, the Taaleri Group, the Taaleri Energia team and a wide range of pension funds, foundations, endowments, and family offices.

About Taaleri Energia
Taaleri Energia is a renewable energy developer and fund manager. With 40 professionals, Taaleri Energia has one of the largest dedicated wind and solar investment teams in Europe. The team is currently investing its fifth renewable energy fund, the Taaleri SolarWind II fund, and has a 2.8 GW wind and solar portfolio in Europe, the US, and the Middle East.

Taaleri Energia is ranked by Preqin as one of the most consistent top performing infrastructure fund managers.

Taaleri Energia is part of the Taaleri Group, which is listed on the Nasdaq Helsinki stock exchange.