Taaleri Group is pleased to announce that it has acquired a 30 percent minority interest in the Baynouna solar power project in Jordan. The shares were acquired from Abu Dhabi Future Energy Company (Masdar), a renewable energy corporation fully owned by Mubadala Investment Company.
Baynouna is a solar photovoltaic (PV) project and will have a total capacity of 200MWac / 248MWdc. It is the largest solar power project under development in Jordan and one of the largest in the Middle East. The estimated total project cost is up to EUR 210 million. International Finance Corporation (IFC), a member of the World Bank Group, has led the debt financing for the project.
Taaleri has entered the project through Taaleri Aurinkotuuli, a Taaleri Group managed investment fund. Taaleri will participate in the construction and operation of the solar plant alongside the majority shareholder Masdar. The project will generate approximately 570 gigawatt hours of electricity per year, once reaching full operations in the first quarter of 2020. The generated electricity will be sold to the Jordanian National Electric Power Company (NEPCO) under a 20-year Power Purchase Agreement. The project is estimated to decrease greenhouse gas emissions by 360,000 tonnes of carbon dioxide emissions per annum.
“Taaleri is very pleased to invest in this significant industrial scale solar PV project alongside Masdar, one of the strongest renewable energy companies in this industry. Jordan has world-class solar resources and reliable contractual framework for renewable energy. We are very excited to start the construction and production of sustainable and competitive solar power electricity and support Jordan in meeting its renewable energy targets” said Taaleri Energia’s Investment Director, Petri Isotalus.
Petri Isotalus, Investment Director, Taaleri Energia, tel. 358 40 827 6516, firstname.lastname@example.org
Jenny-Li Holmström, Portfolio Manager, Taaleri Private Equity Funds, tel. 358 40 086 8615, email@example.com
About Taaleri Group
The Taaleri Group of companies is active in Wealth Management, Financing, and Energy Infrastructure. Taaleri has more than 5 billion EUR of assets under management. The ultimate parent company of the group, Taaleri plc, is a Finnish financial institution publicly-listed on Helsinki Nasdaq stock exchange. www.taaleri.com/en
About Taaleri Energia
Taaleri Energia is an energy infrastructure developer and investor, managing energy infrastructure assets over their entire lifecycle. Currently Taaleri Energia manages a 500 MW portfolio of renewable energy assets under construction and in operation in the Nordics and Europe. It is the second largest wind power producer in Finland with 312 MW of production capacity. https://www.taaleri.com/en/energia
About Taaleri Aurinkotuuli
Taaleri Aurinkotuuli is an investment fund focused on investing in renewable energy projects and assets managed by Taaleri. Taaleri Aurinkotuuli is primarily aimed at construction and operational phase wind and solar projects across a selection of geographical markets, including the Middle East.
Masdar is Abu Dhabi’s renewable energy company which works to advance the development, commercialisation and deployment of clean energy technologies and solutions. The company serves as a link between today’s fossil fuel economy and the energy economy of the future. Wholly owned by the Mubadala Investment Company PJSC, the strategic investment company of the Government of Abu Dhabi, Masdar is dedicated to the Emirates’ long-term vision for the future of energy and water
Taneli Hassinen, Head of Communications and IR, firstname.lastname@example.org, tel. 358 40 5043321