Finnish financial services provider, Taaleri announced that its investment fund, Taaleri Aurinkotuuli has agreed to acquire a 30% interest in a 200 MW (AC) solar project owned by Abu Dhabi Future Energy Company (Masdar) for an undisclosed sum.
The company said it will participate in the project’s construction alongside Masdar, and that the facility is planned to be operational in the first quarter of 2020.
The Baynouna solar power project has an estimated cost of around €210 million. The facility will deliver power to local utility, Jordanian National Electric Power Company (NEPCO) under a 20-year PPA. When completed, the solar park will be the largest PV installation in Jordan and one the largest in the Middle East, the company said.
The project is being financed by the International Finance Corporation (IFC), a member of the World Bank Group, through debt financing.
According to Masdar, the Baynouna project and its 117 MW Tafila wind farm will account for nearly 18% of the 1.8 GW of renewable energy Jordan plans to install by 2020.
Taaleri’s unit specializing in renewable energy assets, Taaleri Energia, currently manages a 500 MW portfolio under construction and in operation in the Nordics and Europe.