Taaleri Energia has acquired the company’s first U.S. wind project. Located in Knox County, Texas, the 277-MW Truscott-Gilliland East Wind Project represents approximately USD 350 million of investment in the North American renewable power sector.
“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,” says Mr. Taamir Fareed who is in charge of Taaleri Energia’s operations in the U.S.
Taaleri Energia is finalizing the project together with its North American development partner NorthRenew Energy. The project is planned to reach commercial operations by the end of 2019. The project was acquired from Truscott Gilliland Wind, who had development assistance from Chermac Energy Corporation.
Taaleri Energia will begin negotiations for the full financing package for the project in mid-2018, and due to the project size, Taaleri will be seeking co-investors to invest alongside with its renewable energy fund.
“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 U.S,” explains Dr. Kai Rintala, Managing Director of Taaleri Energia.
Taaleri has identified the North American market as one of the key market areas for renewable energy future growth. Due to the corporate social responsibility initiatives, the falling cost of renewable technologies and flexible policy instruments, private enterprises and public institutions other than utilities signed in 2017 a record amount of 2.8 GW of contracts to purchase renewable energy power.
”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,” says Fareed.
Due to the constantly growing market opportunities, Taaleri Energia is looking forward to expanding its U.S. portfolio with new wind and solar projects during 2018.