The project will provide energy to millions of homes across Denmark. Bloomberg
The project will provide energy to millions of homes across Denmark. Bloomberg
The project will provide energy to millions of homes across Denmark. Bloomberg
The project will provide energy to millions of homes across Denmark. Bloomberg

Business

Masdar acquires 50% stake in two wind farms in Poland

Work on the wind farms, which are currently under construction, are expected to be completed by the end of 2021

Mary Sophia
Mary Sophia
Abu Dhabi

January 18, 2021

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Masdar acquired a 50 per cent stake in two wind farms in Poland, further expanding the Abu Dhabi clean energy company's portfolio.

The 37.4 megawatt Mlawa Wind Farm in Mazowieckie in northern Poland and the 14 megawatt Grajewo Wind Farm in Podlaskie in the country's north-east will be developed in a joint venture with Taaleri SolarWind II Fund, Masdar said in a statement on Monday. Taaleri SolarWind II Fund is managed by Helsinki-based renewable energy investor Taaleri Energia, which is Masdar's joint venture partner in central and eastern Europe.

“As one of the world’s leading renewable energy companies, Masdar is proud to enter into the Polish market, which offers considerable scope for further growth and diversification of our renewable energy portfolio,” Ahmed Al Awadi, director of business development and investment at Masdar's clean energy arm.

“We look forward to supporting Poland’s renewable energy efforts, and to further strengthening our partnership with Taaleri Energia.”

With a combined installed capacity of 51.4 megawatts, the projects will together produce 192 gigawatt-hours of electricity annually –enough to meet the energy needs of approximately 90,000 households. They will also help offset 146,000 tonnes of carbon dioxide each year, Masdar said.

Work on the wind farms, which are currently under construction, is expected to be completed by the end of 2021.

Project financing is being provided by the European Bank for Reconstruction and Development (EBRD) and DNB Polska, the statement added.

Both Masdar and Taaleri Energia have previously partnered in the 158 MW Čibuk 1 wind farm in Serbia and in the Baynouna Solar Energy Project, a 200 MW solar PV plant in Jordan, which will be the largest in the country.

The latest acquisitions have significantly helped expand Masdar's wind portfolio.

Last year, the renewable energy firm acquired stakes in eight projects – out of which three are wind farms – being developed by EDF Renewables North America unit.

Packages which the US Secret Service said contained possible explosive devices were sent to:

  • Former first lady Hillary Clinton
  • Former US president Barack Obama
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Zayed Sustainability Prize
Key findings of Jenkins report
  • Founder of the Muslim Brotherhood, Hassan al Banna, "accepted the political utility of violence"
  • Views of key Muslim Brotherhood ideologue, Sayyid Qutb, have “consistently been understood” as permitting “the use of extreme violence in the pursuit of the perfect Islamic society” and “never been institutionally disowned” by the movement.
  • Muslim Brotherhood at all levels has repeatedly defended Hamas attacks against Israel, including the use of suicide bombers and the killing of civilians.
  • Laying out the report in the House of Commons, David Cameron told MPs: "The main findings of the review support the conclusion that membership of, association with, or influence by the Muslim Brotherhood should be considered as a possible indicator of extremism."
Ten tax points to be aware of in 2026

1. Domestic VAT refund amendments: request your refund within five years

If a business does not apply for the refund on time, they lose their credit.

2. E-invoicing in the UAE

Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption. 

3. More tax audits

Tax authorities are increasingly using data already available across multiple filings to identify audit risks. 

4. More beneficial VAT and excise tax penalty regime

Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.

5. Greater emphasis on statutory audit

There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.

6. Further transfer pricing enforcement

Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes. 

7. Limited time periods for audits

Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion. 

8. Pillar 2 implementation 

Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.

9. Reduced compliance obligations for imported goods and services

Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations. 

10. Substance and CbC reporting focus

Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity. 

Contributed by Thomas Vanhee and Hend Rashwan, Aurifer

KILLING OF QASSEM SULEIMANI
BRAZIL SQUAD

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Global state-owned investor ranking by size

1.

United States

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3.

UAE

4.

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5

Norway

6.

Canada

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