UAE based renewable energy company Masdar has formally announced a 65 MW solar power project in Greek to be developed by its joint venture (JV) with Finland’s Taaleri Energia, calling it the company’s 1st investment in Greece.
It will be executed by Masdar-Taaleri Generation (MTG). The JV was launched in January 2019 and in December 2019 PPC Group signed a memorandum of understanding (MoU) with MTG to develop close to 300 MW wind and solar projects in Greece (see Greek Utility To Build 300 MW RE With IN Partnership).
At the virtual signing ceremony held recently, Masdar said the 65 MW solar project is the company’s maiden investment in the Greek market and will be developed by MTG along with its local partners Constantakopoulos family and Autohellas. It is currently at an advanced development stage in Viotia region of Greece. Construction is expected to be completed in 2023 when it is expected to generate more than 100 GWh annually.
“This is a high quality solar PV development project in one of the Taaleri SolarWind II fund’s key markets for solar investments and further demonstrates the value of our joint venture and cooperation with Masdar,” said Managing Director of Taaleri Energia, Kai Rintala.
Project partners intend to participate in the country’s feed-in-tariff (FIT) premium auction scheme in late 2021 with this 65 MW project.
Speaking of Greece and its auctions, there is another international player interested in expanding its activities in the wind and solar space of the country. German renewable energy developer wpd recently shared his independent subsidiary for Greek market, wpd solar Hellas has 345 MW of solar PV capacity under development under its partnership with local company Zephiros EPE. It plans to develop its own portfolio of PV projects here, while also planning to participate in state auctions. It will realize as well as operate the projects won.
Greece aims to generate 35% of its total electricity from renewable sources by 2030 and has been encouraging the development of these technologies through state sponsored auctions. It is holding the country’s 3rd joint wind and solar PV auction on May 24, 2021 for 350 MW capacity (see Greece Announces 350 MW Wind & Solar PV Tender).