The UAE-based renewable energy company Masdar and Finnish wind and solar developer and fund manager Taaleri Energia have agreed to build a 65 MW solar photovoltaic power plant in Greece.

The solar power plant, to be developed by Taaleri and Masdar’s joint venture, called Masdar-Taaleri Generation (MTG), is targeted for completion in 2023, and is intended to take part in Greece’s feed-in-tariff premium auction scheme in late 2021, Masdar has said in a press release.

The project, Masdar’s first investment in the Greek market, is located in the region of Viotia, some 65 kilometers north of the capital Athens, and is in the advanced development stage, the company said.

The solar plant’s annual output will be 100 GWh

Once completed, the solar plant is expected to produce over 100 GWh of electricity annually. At a virtual signing ceremony, UAE Ambassador to Greece Sulaiman Hamed Salem AlMazroui said the UAE is pleased to support Greece’s climate change efforts and contribute to its goal of producing 35% of its energy mix from renewables by 2030.

Greece plans to cover more than 60% of electricity consumption through renewables by 2030

According to Greece’s National Energy and Climate Plan (NECP), the country also targets covering over 60% of its electricity consumption through renewables by 2030, more than double the current level.

Masdar and Taaleri are partners in Serbia’s 158 MW Čibuk 1 wind farm

The Masdar-Taaleri joint venture was set up in 2019 as a development vehicle for renewable energy projects in Central and Southeastern Europe. Masdar and funds managed by Taaleri Energia are co-investment partners in the 158 MW Čibuk 1 wind farm in Serbia, the press release recalled.

Masdar, wholly owned by Mubadala Investment Company, the strategic investment vehicle of the government of Abu Dhabi, is active in more than 30 countries worldwide, including Egypt, Morocco, the UK, the US, Australia, Spain, and India.

Taaleri Energia, based in the Finnish capital Helsinki, has a 2.8 GW wind and solar portfolio in Europe, the US, and the Middle East.