Masdar acquires 1 GW renewable portfolio in Poland
Masdar has announced the acquisition of eight hybrid renewable energy projects, along with Taaleri Energia, a Finnish-based renewable energy developer and fund manager, marking an expansion to both companies’ Polish renewable energy portfolios.
Masdar and Taaleri Energia have purchased the projects from Domrel Biuro Uslug Inwestycyjnych (Domrel), a leading developer in the Polish renewable energy market specialising in the development of RES power plants across Poland. They will maintain an ongoing relationship with Domrel to progress the projects through the required developmental stages.
Once operational, the eight projects, which include solar photovoltaic (PV) and onshore wind technologies, will have a combined capacity of more than 1 GW, enough to supply approximately 223 000 households and offset 1.8 million tpy of CO2. They represent a significant expansion in Masdar’s growing European portfolio.
By developing hybrid PV solar and wind projects, Masdar is capitalising on recent amendments to the Polish Energy Law, known as Cable Pooling, which allow for the linking of different renewable energy sources in a single grid connection.
Solar and wind power rarely operate at full capacity at the same time due to the intermittent power generation from wind and the sun. Cable Pooling helps to stabilise renewable energy generation at each connection, while optimising the grid to ensure reliable power supply to homes and businesses across Poland. The amendment, which entered into force in October 2023, is expected to add approximately 25 GW of renewable capacity in Poland.
“This step expands our portfolio in Europe and supports Poland in achieving its climate action goals. We applaud Poland’s recent legislative developments in the renewable and clean energy sector, which have opened the door for additional renewable capacity by allowing hybrid solar-wind projects to connect to the grid. As a global clean energy pioneer, we are proud to be investing in new and innovative technologies and project structures in Poland and across Europe which will provide reliable, secure and sustainable energy for businesses and communities,” said Masdar CEO Mohamed Jameel Al Ramahi.
“We are delighted with the acquisition of these eight Polish hybrid renewable energy projects. Our partnership with Masdar is a valuable part of our investment strategy in the CEE region. This deal brings the total number of development projects in our SolarWind III Fund portfolio to 61, representing a potential gross generation capacity of 7.6GW,” said Taaleri Energia Managing Director, Kai Rintala.
Poland is seeking to increase installed wind capacity to 11GW by 2040 and solar PV to 10-16GW by the same year. Masdar’s investments in the country will support the nation in meeting the ambitious targets set out in the Energy Policy of Poland, which will have a significant impact on reducing carbon emissions in the country.
For more news and technical articles from the global renewable industry, read the latest issue of Energy Global magazine.
Energy Global’s Autumn 2023 issue
The Autumn 2023 issue of Energy Global hosts an array of technical articles focusing on green hydrogen, wind installation technology, blade monitoring solutions, and more. This issue also features a regional report looking at some key renewables projects in Australia..
Read the article online at: https://www.energyglobal.com/wind/05122023/masdar-acquires-1-gw-renewable-portfolio-in-poland/
