Masdar, a subsidiary of Abu Dhabi’s sovereign wealth fund Mubadala Investment Company, and Europe’s Taaleri Energia SolarWind II Fund formally inaugurated the wind farms that they jointly own in Poland.
The inauguration ceremony for the Mlawa and Grajewo wind farms was held on Thursday at the Poland pavilion at Expo 2020 Dubai.
In January, Masdar and the Taaleri SolarWind II Fund – which invests in utility-scale wind and solar assets – announced that they had each acquired a 50 per cent stake in the projects, marking their first investment in the Polish renewable energy market.
The move is a key milestone in Poland’s renewable energy journey and demonstrates Masdar’s commitment to the nation’s climate action objectives, Niall Hannigan, chief financial officer of Masdar, said in a statement.
“We look forward to expanding 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),” he said.
The 37.4-megawatt Mlawa wind farm is located in Mazowieckie in northern Poland, while the 14MW Grajewo project, which comprises two wind farms, is based in Podlaskie in the north-east.
Combined, the projects produce enough electricity to supply about 90,000 households in Poland and will be able to offset 146,000 tonnes of carbon dioxide each year.
“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,” said Kai Rintala, Taaleri Energia’s managing director.
Masdar and Taaleri, through MTG, are working together on a number of projects across Europe.
In May, the two companies announced an agreement to co-develop a 65MW solar photovoltaic power plant in Greece. The project – the parties’ first investment in Greece – will be developed through a joint venture between the two companies, alongside two local partners.
The entities are also partners in the 158MW Cibuk 1 wind farm in Serbia and in the 200MW Baynouna solar energy project, the largest in Jordan.
Masdar plans to double its renewable energy capacity in the next five years.
In September, it received investment-grade A2 and A+ ratings from Moody’s Investors Service and Fitch Ratings, respectively, marking the first time the company was rated by global agencies.