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Taaleri Energia acquires 277MW wind farm in US

CTBR Staff Writer Published 09 February 2018

Finnish wealth management company Taaleri’s subsidiary Taaleri Energia has acquired the 277MW Truscott-Gilliland East Wind Project located in Knox County, Texas.

The wind farm was acquired from Truscott Gilliland Wind. Taaleri Energia has partnered with NorthRenew Energy for the project, which is expected to start operations by the end of next year.

The acquisition represents an investment of $350m of investment by Taaleri in the North American renewable power sector.

The company is expected to start negotiations for full financing package in the middle of this year. Alongside with its renewable energy fund, it is also seeking co-investors to invest in the project.

Taaleri Energia US operations in charge Taamir Fareed said: “This project is located in a strong wind area with excellent grid connectivity.

“By avoiding areas within ERCOT plagued by high levels of curtailment, the TG East project represents an excellent first American project for Taaleri.”

Fareed continued saying: “Cost of energy produced by wind and solar has constantly been decreasing. It has led to a situation in several regions in the US where wind and solar are cheaper to build than coal and natural gas. Therefore the future of renewables in the US market looks very bright.”

As per the company, the North American market is one of the key market areas for the future growth of renewable energy. Several factors such as corporate social responsibility initiatives, the falling cost of renewable technologies and flexible policy instruments have resulted in the growth of the renewable sector.

Last year, Private enterprises and public institutions other than utilities had signed 2.8GW of contracts to purchase renewable electricity.

Taaleri Energia managing director Kai Rintala said: “This project is a great addition to our existing wind energy portfolio. Our strategy of working with co-investors on large-scale projects has served Taaleri well throughout global markets. We are excited to have the same opportunity in the US.”

In January, Taaleri acquired a 30% stake in the 200MW Baynouna solar project in Jordan from Abu Dhabi Future Energy Company (Masdar).  The project is being constructed with an estimated cost of €210m. International Finance Corporation (IFC) has led a debt financing for the project.

Image: It is the first investment wind by Taaleri in the US. Photo: Courtesy of Jim Frech/FreeImages.com.