Masdar Acquires 1 GW Renewable Energy Portfolio in Poland

The portfolio includes eight solar photovoltaic and wind energy projects


Abu Dhabi Future Energy Company, Masdar, along with Taaleri Energia, a Finland-based renewable energy developer, have acquired eight hybrid renewable energy projects in Poland with a combined capacity of 1 GW from Domrel Biuro Usług Inwestycyjnych.

The projects are under construction and will deploy solar photovoltaic and onshore wind technologies. Once in operation, they are expected to power 223,000 households and offset 1.8 million tons of carbon dioxide annually.

The parties did not disclose the acquisition amount.

Domrel, a Poland-based renewable project developer, will continue progressing the projects through the developmental stages.

Masdar hopes to capitalize on the recent amendment to Poland’s Energy Law called Cable Pooling, which came into effect in October 2023, allowing for linking different renewable energy sources onto a single grid connection.

Cable pooling helps stabilize renewable energy generation at each connection point while optimizing the grid to ensure a reliable power supply to homes and businesses across Poland.

Masdar has invested in two wind farms in Poland, Mlawa Wind Farm in Mazowieckie and Grajewo Wind Farm in Podlaskie, with a combined installed operational capacity of 51.4 MW.

“This bold, progressive step expands our European portfolio 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.” Said Masdar Chief Executive Officer Mohamed Jameel Al Ramahi.

The acquisition will bring the total number of development projects in Taaleri Energia’s SolarWind III Fund portfolio to 61, representing a potential gross generation capacity of 7.6 GW.

A recent study by LevelTen Energy revealed that European solar PPA prices in Q3 rose by 2%, indicating that the market may be reaching a new pricing equilibrium.

In September 2023, Masdar signed an agreement with Dubai Electricity and Water Authority to construct and operate the 1.8 GW sixth phase of the Mohammed bin Rashid Al Maktoum Solar Park. The project will cost around AED5.15 billion (~ $1.5 billion).

According to Mercom Capital Group’s newly released 9M and Q3 2023 Solar Funding and M&A Report, in the first nine months of 2023, there were 75 solar M&A transactions, down from 90 last year.