PPC Renewables SA signed a memorandum of understanding with Masdar Taaleri Generation Doo or MTG about the development of renewable energy projects in Greece. In the statement, released by the Greek company’s parent Public Power Co. SA, the state-owned firm highlighted their optimism regarding wind and solar potential.
Masdar or Abu Dhabi Future Energy Co., is owned by Mubadala Investment Co., an investment vehicle run by the emirate. The subsidiary founded MTG this year with Taaleri Energia Ltd. as an equal partner for operations in Central and Eastern Europe. The Finnish entity trades in Helsinki as Taaleri Plc.
Implementation will be based upon the optimum business model and collaboration structure, in line with each party’s respective corporate policies, according to the press release. They said they have the ambition to build power systems with a total load of 300 MW and cited Greece’s targets in renewables.
The Taaleri SolarWind I fund participated together with Masdar in the Čibuk 1 wind farm in Serbia and in Baynouna Solar Energy’s 248 MW photovoltaic facility in Jordan. Their joint venture is registered in Belgrade. The partner from the UAE has other projects in its domestic market, Mauritania, Egypt, Morocco, Britain, Montenegro, the United States and Spain.
PPC Renewables has installed capacity of 12.2 GW in Greece.
Čibuk 1 was developed by Vetroelektrane Balkana, wholly owned by Tesla Wind. It was established by Masdar of the United Arab Emirates, Taaleri SolarWind I, Germany’s development finance institution DEG – Deutsche Investitions- und Entwicklungsgesellschaft, and the European Bank for Reconstruction and Development. The wind power unit has 57 turbines and the capacity is 158 MW.
MDG has revealed it would also eye the Polish market. Masdar bought a 49% stake in the 72 MW onshore Krnovo wind farm in Montenegro in 2017. International investors have been weighing opportunities in the green energy sector as producers from conventional sources, particularly coal, diesel and fuel oil, are under fire for environmental impact.