Finnish Taaleri Group has acquired a 30 percent minority interest in the »Baynouna« solar power project in Jordan. The shares were acquired from Abu Dhabi Future Energy Company (Masdar), a renewable energy corporation fully owned by Mubadala Investment Company. »Baynouna« is a PV project with a total capacity of 248 MW. It is the largest solar power project under development in Jordan and one of the largest in the Middle East. The estimated total project cost is up to €210 million ($239 million). International Finance Corporation (IFC), a member of the World Bank Group, has led the debt financing for the project.

Taaleri will participate in the construction and operation of the solar plant alongside the majority shareholder Masdar. The project will generate approximately 570 GWh hours of electricity per year, once reaching full operations in the first quarter of 2020. The generated electricity will be sold to the Jordanian National Electric Power Company (NEPCO) under a 20-year Power Purchase Agreement.

Taaleri has entered the project through Taaleri Aurinkotuuli, a Taaleri Group managed investment fund focused on renewable energy projects and assets. The Taaleri Group of companies is active in Wealth Management, Financing, and Energy Infrastructure. Taaleri has more than €5 billion of assets under management. The group’s parent company Taaleri plc, is a Finnish financial institution publicly-listed on Helsinki Nasdaq stock exchange.