A renewable energy fund managed by the Helsinki-listed Taaleri Group has acquired a 30 percent stake in a 200MW solar project in Jordan.
The Taaleri Aurinkotuuli fund — also known as the Solar Wind fund — bought into the Baynouna project by acquiring the interest from the Mubadala-owned developer Masdar. Once built, it will be the largest solar park in the country.
The project is estimated to have a total cost of €210 million and debt financing is being led by the International Finance Corporation. Baynouna is backed by a 20-year power-purchase agreement and is slated to be operational in the first quarter of 2020.
The Solar Wind fund was launched by Taaleri in November 2016, seeking between €250 million and €300 million to invest in Europe, India, Sub-Saharan Africa, the Middle East and Turkey. While Taaleri would not disclose the final size, it said the fund met its target in the second half of last year following commitments from Finnish pension funds and insurance companies.
The investment in Baynouna is the second deal agreed by the 10-year vehicle. The Solar Wind fund also took a 30 percent share in the 150MW Cibuk 1 wind farm in Serbia in November, again acquiring the stake from Masdar. That deal was agreed alongside a separately managed account run by Taaleri and Finland’s state-owned development financier Finnfund.
Taaleri also owns a 370MW wind portfolio in Finland and last year laid out plans to develop wind projects in Canada and the US with more than 500MW of total capacity.