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Taaleri acquires 30% stake in 200MW Jordanian solar plant

Published 11 January 2018

Taaleri Group has acquired 30% stake in the Baynouna solar power project in Jordan from Abu Dhabi Future Energy Company (Masdar).

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.

Source: Company Press Release