At the end of November 2017, Finnish company Taaleri Group announced 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.
This transaction will provide Taaleri with a 30% ownership stake in the Cibuk project company. Taaleri enters 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 158 MW wind farm will consist of 57 GE turbines and produce up to 475 GWh of power per year. The project is estimated to decrease greenhouse gas emissions by 370,000 tons 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.
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
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.
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.
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