Masdar signs deal to develop Georgia’s largest utility-scale solar power plant

Masdar, one of the world’s leading renewable energy companies, has signed an agreement with the Georgian Energy Development Fund (GEDF) to develop a solar photovoltaic (PV) power project in the country, with a capacity of as much as 100 megawatts (MW). The project, which will be jointly developed with the GEDF, will be Georgia’s largest solar power plant.

The joint development agreement (JDA) was signed in the presence of Dr Thani bin Ahmed Al Zeyoudi, the UAE Minister of State for Foreign Trade, and Natela Turnava, Minister of Economy and Sustainable Development for Georgia, in a ceremony yesterday at the Leadership Pavilion at Dubai Expo. The JDA was signed by Mohamed Jameel Al Ramahi, Chief Executive Officer of Masdar, and Giorgi Chikovani, CEO of the GEDF.

George Chikovani, CEO of GEDF, said, “Georgia strongly follows its route and in accordance with the country’s strategy continues its utilization of renewable energy sources. This agreement, which aims to develop a solar project with one of the world’s leading renewable energy companies, is a precondition for achieving the priority goals and targets of the state energy policy. Development of similar projects will strengthen the energy security of Georgia, contribute to diversification of energy sources and increase the share of renewable energy in the power generation mix.”

Mohamed Jameel Al Ramahi, Chief Executive Officer of Masdar, said, “This landmark agreement will support Georgia’s energy diversification efforts, and will make a positive contribution on climate action. As a global leader in renewable energy, with projects in almost 40 countries, we look forward to working with the Georgian Energy Development Fund and the Government of Georgia on further renewable energy opportunities and will leverage our experience to support the nation’s economic development.”

Masdar and the GEDF will jointly progress the development of the project, which is being carried out as part of a larger framework agreement signed with the GEDF this year to develop renewable energy projects in the Eurasian nation. The GEDF is a joint stock company, founded by Ministry of Economy and Sustainable Development, and wholly state-owned. Georgia, which primarily relies on hydropower for electricity generation, is looking to enhance its energy security and diversify its energy mix.

Abu Dhabi’s renewable energy company Masdar is advancing the commercialization and deployment of renewable energy, sustainable urban development and clean technologies to address global sustainability challenges.

Wholly owned by Mubadala Investment Company, the strategic investment company of the Government of Abu Dhabi, our mandate is to help maintain the UAE’s leadership in the global energy sector, while supporting the diversification of both its economy and energy sources for the benefit of future generations.

Today, Masdar is active in more than 30 countries, including the UAE, Jordan, Saudi Arabia, Mauritania, Egypt, Morocco, the UK, the US, Australia, Spain, Serbia, India, Indonesia, Uzbekistan, and many more.

Earlier this month Masdar, one of the world’s leading renewable energy companies, and Taaleri SolarWind II Fund, which invests in utility-scale wind and solar assets, formally inaugurated the wind farms that they jointly own in Poland.

The inauguration ceremony for the Mlawa and Grajewo wind farms was held at the Polish Pavilion at the Dubai Exhibition Centre, as part of the celebrations for Poland’s National Honour Day at Expo 2020 Dubai. The event was attended by Peter Ramsay, Chief Executive Officer of Taaleri Group, Niall Hannigan, Chief Financial Officer of Masdar, and Jakub Slawek, Chargé d’Affaires of the Embassy of Poland, along with other senior executives and officials.

In January, Masdar and Taaleri SolarWind II Fund announced that they had each acquired a 50 per cent stake in the projects, marking their first investment in the Polish renewable energy market. The 37.4-megawatt (MW) Mlawa wind farm is located in Mazowieckie in northern Poland, while the 14 MW Grajewo project, which comprises two wind farms, is based in Podlaskie, in the north-east. Combined, the projects produce enough electricity to supply approximately 90,000 households in Poland, and offset 146,000 tonnes of carbon dioxide each year.

Niall Hannigan, Chief Financial Officer of Masdar, said, “This event marks a key milestone in Poland’s renewable energy journey and demonstrates Masdar’s commitment to the nation’s climate action objectives. We look forward to expand our presence in the Polish renewable energy sector and to strengthen our strategic partnership with Taaleri Energia through our joint venture, Masdar Taaleri Generation (MTG).”

“This investment in Polish wind is underpinned by the increasing demand for clean energy and by a combination of the Contracts for Difference scheme and the availability of commercial offtake contracts in the Polish market. It also further demonstrates the value of our joint venture with Masdar,” said Taaleri Energia’s Managing Director, Kai Rintala.