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UAE's Masdar enters Greece with 65 MW solar plant amid plans to double capacity

Highlights

Masdar-Taaleri JV to develop plant north of Athens

It is Masdar's first project in Greece

Masdar-Taaleri JV investing in Southeast, Central Europe

Dubai — UAE clean energy firm Masdar, which aims to double its renewable installed capacity from 11 GW in two to three years, and Taaleri Energia, which invests in utility-scale wind and solar assets, have agreed to develop a 65 MW solar PV plant in Greece, which is seeking to generate 35% of its electricity from renewables by 2030.

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The solar PV project will be managed through Masdar-Taaleri Generation joint venture, the UAE company said in a statement May 6.

The project is Masdar's first investment in Greece and will be developed by MTG alongside local partners, the Constantakopoulos family and Autohellas, it added.

Gas-fired generation responded to strong electricity demand in Greece during March, climbing 41% month on month to 1.52 TWh, data from market operator Hellenic Energy Exchange SA showed April 23.

Power demand in March rose 4% month on month and 6% year on year to 4.10 TWh, with the low voltage customer segment showing the clearest year-on-year recovery.

Renewable energy output in March did not quite match that of gas, but the two sources together accounted for almost 88% of total production as the decarbonization of Greek power continued.

Masdar-Taaleri JV

The Masdar solar PV plant, located in the region of Viotia some 65 km north of Athens, is expected to be completed in 2023 and the project will participate in Greece's feed-in-tariff premium auction scheme in late 2021, Masdar said.

The Masdar-Taaleri joint venture MTG was launched in January 2019 and is a development vehicle for renewable energy projects in Central and Southeastern Europe.

Masdar and funds managed by Taaleri Energia are co-investors in the 158 MW Čibuk 1 wind farm in Serbia, and recently acquired an equal share in two ready-to-build wind farms in Poland, the 37.4 MW Mlawa Wind Farm and the 14 MW Grajewo Wind Farm.

In the Middle East, the two companies have jointly invested in the development and construction of the Baynouna Solar Energy Project, a 200 MW solar PV plant in Jordan.