Finland-based Taaleri Energia Oy and Abu Dhabi's Masdar are forming a joint venture to develop renewable projects in central and eastern Europe.
The companies plan to pursue joint development of onshore wind and solar photovoltaic projects, building off of their ongoing activities in the Western Balkans. The two firms previously collaborated on the 158-MW Cibuk I wind farm in Serbia and the 248-MWp solar park in Jordan.
The development comes as Poland is projected to add more than 3 GW of new onshore wind capacity over the next few years, while Greece is aiming to add up to 2.3 GW of new solar and wind capacity by the end of 2020. Meanwhile, the West Balkan nations are being urged to consider replacing a significant portion of their 9 GW of aging coal-fired capacity with renewables, the companies announced in a Jan. 15 news release.
Taaleri is a wind and solar developer and fund manager, while Masdar invests in and develops renewable energy and sustainable technology projects in the United Arab Emirates and internationally.