28.11.2017
Helsinki, 2017-11-28 13:43 CET (GLOBE NEWSWIRE) --
TAALERI PLC PRESS RELEASE 28 NOVEMBER 2017
Taaleri acquires an interest in the 158 MW Cibuk wind farm in Serbia
Taaleri Group is pleased to announce that it has signed an agreement with Cibuk Wind Holding regarding the acquisition of a minority interest in the under-construction Cibuk 1 wind farm, the largest wind project in Serbia to date. The 158 MW wind farm will consist of 57 GE turbines and produce up to 475 GWh of power per year.
The transaction will provide Taaleri with a 30 percent ownership stake in the Cibuk project company. Taaleri will enter the company via an investment vehicle that pools funds from Taaleri Aurinkotuuli, a Taaleri Group managed investment fund, and Finnfund, a Finnish state-owned development financier. The transaction is expected to close by 2017 year-end, with the wind farm reaching full operations in 2019. The project is estimated to decrease greenhouse gas emissions by 370,000 tonnes of carbon dioxide emissions each year.
Taaleri will participate in the construction and operation of the wind park alongside the majority shareholder Abu Dhabi Future Energy Company (Masdar), a renewable energy company owned by Mubadala Investment Company.
“We are delighted to have Taaleri Group join the consortium developing Cibuk 1, the largest utility-scale wind farm in Serbia on completion,” said Yousif Al Ali, Chairman of Tesla Wind, owner of the project company responsible for Cibuk 1. “Taaleri will bring considerable experience and expertise to the realisation of this landmark project.”
“Taaleri is proud to invest alongside Masdar in one of the most significant renewable energy projects in Serbia,” said Taaleri Energia Managing Director, Kai Rintala. “From the very beginning, Taaleri has been extremely impressed with the quality of the Cibuk wind project. As the second-largest wind power producer in Finland, we intend to contribute to this project’s success, thanks to our experience with building and operating several wind power plants in challenging climatic environments, and through our ability to drive value for all stakeholders, via the careful management of our projects’ operational performance.”
“We are very pleased to invest in this project which fulfils our strategic objective to invest in renewable energy and decrease greenhouse gas emissions. Together with a Finnish fund, Taaleri Aurinkotuuli, we are promoting one of the first Serbian wind projects, and are very happy to participate in Taaleri’s expansion in the international renewable energy market,” said Jaakko Kangasniemi, Finnfund’s Managing Director.
Taaleri Plc
Communications
Additional information:
Kai Rintala, Managing Director, Taaleri Energy, tel. 358 40 162 5711, kai.rintala@taaleri.com
Jenny-Li Holmström, Portfolio Manager, Taaleri Private Equity Funds, tel. 358 40 086 8615, jenny-li.holmstrom@taaleri.com
About Taaleri Group
The Taaleri Group of companies is active in Wealth Management, Financing, and Energy Infrastructure. Taaleri has more than 5 billion EUR of assets under management. The ultimate parent company of the group, Taaleri plc, is a publicly-listed Finnish financial institution on Helsinki Nasdaq. www.taaleri.com/en
About Taaleri Energia
Taaleri Energia is an energy infrastructure developer and investor, managing energy infrastructure assets over their entire lifecycle. Taaleri Energia is, at the moment, constructing or operating a total of approximately 312 MW of wind power capacity in Finland, making it the second largest wind operator in its home market.
About Taaleri Aurinkotuuli
Taaleri Aurinkotuuli is an investment fund focused on investing in renewable energy projects and assets managed by Taaleri Private Equity Funds. Taaleri Aurinkotuuli is primarily aimed at construction and operational phase wind and solar projects across a selection of geographical markets, including Eastern Europe.
About Finnfund
Finnfund (Finnish Fund for Industrial Cooperation Ltd) is a Finnish development finance institution, aiming to foster sustainable development by providing long-term risk capital for private projects in developing countries. Investment criteria include profitability, sustainability and positive development impacts. Since 1980 Finnfund has made nearly 370 investments in almost 70 countries. Currently, Finnfund has approximately 613 million euros invested in or committed to 167 projects in 34 countries. For more information, please visit www.finnfund.fi
About Cibuk Wind Holding
Cibuk Wind Holdings is a company ultimately held by Fabrizio Gagnasso, a founding partner of Continental Wind Partners, the original developer of the Cibuk project. Continental Wind Partners are best known for developing the largest operational onshore wind farm in Europe, the 600 MW Fantanele/Cogealac project in Romania.
About Masdar
Masdar is Abu Dhabi’s renewable energy company which works to advance the development, commercialisation and deployment of clean energy technologies and solutions. The company serves as a link between today’s fossil fuel economy and the energy economy of the future. Wholly owned by the Mubadala Investment Company, the strategic investment company of the Government of Abu Dhabi, Masdar is dedicated to the United Arab Emirates’ long-term vision for the future of energy and water.
Taneli Hassinen, Head of Communications and IR, tel. 358 40 504 3321, taneli.hassinen@taaleri.com