Masdar to develop Greece PV solar project

Masdar to develop Greece PV solar project

9 May 2021

UAE-based Masdar has signed agreements to develop a 65MW photovoltaic (PV) solar project in Greece, the clean energy company's first solar project in the country

UAE-based Masdar has signed agreements to develop a 65MW photovoltaic (PV) solar project in Greece, the developer’s first solar project in the country.

Masdar will develop the project in partnership with Finland’s Taalero Energia. The project will be managed through the companies’ joint venture Masdar-Taaleri Generation (MTG).

MTG will develop the project with local partners Autohellas and the Constakopoulos family.

The project is located in the region of Viotia, approximately 65km north of the Greek capital, Athens. Construction work is due to be completed in 2023. It is intended that the project will participate in Greece’s feed-in-tariff premium auction scheme in late 2021. 

The PV plant will produce over 100GWh of electricity a year when completed.

“Today’s signing is a milestone occasion that will enhance the longstanding cooperation between Greece and the United Arab Emirates. We are pleased to support the country’s climate change efforts and contribute to their goal of producing 35 percent of their energy mix from renewables by 2030. We look forward to strengthening our relationship further by expanding our bilateral collaboration in the near future,” HE Sulaiman Hamed Salem AlMazroui, ambassador of the UAE to Greece, said following the signing of the agreements during a virtual ceremony.

The project is part of Greece’s strategy, through its National Energy & Climate Plan (NECP), to produce 35 per cent of its energy from renewable energy sources by 2030.

“As we celebrate our fifteenth anniversary in the renewable energy sector, Masdar is proud to be expanding its global presence by making its first investment in Greece. We look forward to working with our partners and leveraging our international expertise in clean energy projects to support the diversification of the country’s energy mix, while advancing our common climate change mitigation goals,” said Mohamed Jameel Al Ramahi, Chief Executive Officer of Masdar.    

The Masdar-Taaleri JV, MTG, was announced in January 2019 at Abu Dhabi Sustainability Week. The JV was initially set up to develop clean energy projects in central and south eastern Europe.

MTG are co-investment partners in the 158MW Cibuk 1 wind farm in Serbia and recently acquired an equal share in two read-to-build wind farms in Poland, the 37.4MW Mlawa Wind farm and the 14MW Grawjewo wind farm.

The two companies have also jointly invested in the 200MW Baynouna solar PV project in Jordan.

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