Wealth management firm Taaleri Group has acquired a 30% minority interest in the Baynouna solarpower project in Jordan through the purchase of shares from Abu Dhabi Future Energy Company (Masdar).

The Baynouna solar photovoltaic (PV) project is currently under development and is designed to have a total capacity of 200MWac/248MWdc. The total project cost is estimated to be up to €210m.

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Taaleri Energia investment director Petri Isotalus said: “Taaleri is very pleased to invest in this significant industrial scale solar PV project alongside Masdar, one of the strongest renewable energy companies in this industry.

“Funding for the project has been secured through debt financing led by International Finance Corporation (IFC).”

“Jordan has world-class solar resources and reliable contractual framework for renewable energy. We are very excited to start the construction and production of sustainable and competitive solarpower electricity and support Jordan in meeting its renewable energy targets.”

Funding for the project has been secured through debt financing led by International Finance Corporation (IFC), a member of the World Bank Group.

Taaleri has earned interest in the project through Taaleri Aurinkotuuli, a Taaleri Group managed investment fund.

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Together with Masdar, the company is expected to participate in the construction and operation of the solar plant.

Upon reaching full operations in Q1 2020, the project will generate around 570GWh of electricity per year. A 20-year power purchase agreement has been signed with the Jordanian National Electric Power Company (NEPCO) to sell the generated electricity.

It is estimated that the project will enable the reduction of greenhouse gas emissions by 360,000 tonnes of carbon dioxide per annum.