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Finland’s Taaleri Energia acquires 277MW wind project in Texas

EBR Staff Writer Published 09 February 2018

Finland-based Taaleri Energia has acquired a 277MW wind project from Truscott Gilliland Wind, which will be built at a cost of around $350m in the US state of Texas.

Taaleri Energia is a subsidiary of Taaleri, a Finnish financial service company.

Located in Knox County, the wind facility involved in the transaction is the Truscott-Gilliland (TG) East project, which is being finalized by Taaleri Energia alongside its North American development partner NorthRenew Energy.

The TG East wind project, which is planned to enter into commercial operations by the end of 2019, marks the first wind project in the US for Taaleri Energia.

The Finnish company revealed that it will start negotiations for the full financing package for the wind project in mid-2018. It further said that owing to the project size, it will be looking out for co-investors to invest in it along with the company’s renewable energy fund.

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.”

Taamir Fareed, who handles Taaleri Energia’s US operations, said that TG East wind project is being built in an area that experiences strong wind conditions and has very good grid connectivity.

Taaleri believes that the North American region is one of the major market areas for future growth in renewable energy.

Various factors like corporate social responsibility initiatives and declining cost of renewable technologies had encouraged private enterprises and public institutions, other than utilities, to sign 2.8GW renewable energy purchase contracts last year. 

Fareed said: “Cost of energy produced by wind and solar has constantly been decreasing.

“It has led to a situation in several regions in the U.S. where wind and solar are cheaper to build than coal and natural gas. Therefore the future of renewables in the U.S. market looks very bright.”

Last month, Taaleri had made a deal to acquire 30% stake in the 200MW Baynouna solar power project in Jordan from Abu Dhabi Future Energy Company (Masdar).