UAE’s Masdar acquires 1GW renewable projects in Poland

DUBAI / WAM

Abu Dhabi Future Energy Company (Masdar) on Monday announced the acquisition of eight hybrid renewable energy projects, along with Taaleri Energia, a Finnish-based renewable energy developer and fund manager, marking a significant expansion to both companies’ Polish renewable energy portfolios.
Masdar and Taaleri Energia have purchased the projects from Domrel Biuro Usług Inwestycyjnych (Domrel), a leading developer in the Polish renewable energy market specialising in the development of RES power plants across Poland. They will maintain an ongoing relationship with Domrel to progress the projects through the required developmental stages.
Once operational, the eight projects, which include solar photovoltaic (PV) and onshore wind technologies, will have a combined capacity of more than 1 gigawatt (GW), enough to supply approximately 223,000 households and offset 1.8 million tonnes of carbon dioxide each year. They represent a significant expansion in Masdar’s growing European portfolio.
By developing hybrid PV solar and wind projects, Masdar is capitalising on recent amendments to the Polish Energy Law, known as Cable Pooling, which allow for the linking of
different renewable energy sources in a single grid connection.
Solar and wind power rarely operate at full capacity at the same time due to intermittent power generation from wind and the sun. Cable Pooling helps to stabilise renewable energy generation at each connection, while optimising the grid to ensure reliable power supply to homes and businesses across Poland. The amendment, which entered into force in October 2023, is expected to add approximately 25GW of renewable capacity in Poland. The agreement was signed by Masdar Head, Development and Investment (Europe), Amalia Giannakikou, Taaleri Energia Investment Director, Stephen Butler and Domrel Business Development Manager, Michał Wiśniewski.
It was witnessed by the Polish Ambassador to the UAE, Jakub Slawek, the President of the Management Board of Bank Gospodarstwa Krajowego, Beata Daszyńska-Muzyczka, Masdar Director, Development Investment (EMEA), Ahmed Al Awadi, Domrel Development Chief Executive Officer, Maciej Chmielarski and Taaleri Energia Managing Director, Kai Rintala.
Masdar Chief Executive Officer Mohamed Jameel Al Ramahi said, “This bold, progressive step expands our portfolio in Europe and supports Poland in achieving its climate action goals. We applaud Poland’s recent legislative developments in the renewable and clean energy sector, which have opened the door for additional renewable capacity by allowing hybrid solar-wind projects to connect to the grid. As a global clean energy pioneer, we are proud to be investing in new and innovative technologies and project structures in Poland and across Europe which will provide reliable, secure and sustainable energy for businesses and communities.”
This landmark announcement builds on Masdar’s existing investments and commitments in Poland, including the Mlawa Wind Farm, located in Mazowieckie in the north of the country, and the Grajewo Wind Farm, located in Podlaskie, in the north-east. The projects were inaugurated in 2021 and have a combined installed operational capacity of 51.4MW.
The Taaleri Energia Managing Director, Kai Rintala, said, “We are delighted with the acquisition of these eight Polish hybrid renewable energy projects. Our partnership with Masdar is an extremely valuable part of our investment strategy in the CEE region. This deal brings the total number of development projects in our SolarWind III Fund portfolio to 61, representing a potential gross generation capacity of 7.6GW.” Domrel Chief Executive Officer Maciej Chmielarski said, “We are very pleased to establish cooperation with partners that are leaders in their home markets and are also dynamically expanding their operations beyond them. For us, a key reason for entering into this strategic collaboration was a shared vision of Poland’s future and common values that bind us as partners with Masdar and Taaleri.”
Poland is seeking to increase installed wind capacity to 11GW by 2040 and solar PV to 10-16GW by the same year. Masdar’s investments in the country will support the nation in meeting the ambitious targets set out in the Energy Policy of Poland, which will have a significant impact on reducing carbon emissions in the country.