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

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

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.