Shearman & Sterling advised Abu Dhabi Future Energy Company (Masdar) on the development and financing of a 65 MW Solar PV Power Plant in Greece. The project will be managed through Masdar and Taaleri Energia's joint venture Masdar-Taaleri Generation (MTG) alongside local partners, the Constantakopoulos family and Autohellas. The Share Subscription Agreement was signed in a virtual signing ceremony on May 5, 2021. It is intended that the project will participate in Greece's feed-in-tariff premium auction scheme in late 2021.
The project is an important milestone as it marks Masdar's first investment in the Greek renewable energy sector and will enhance the longstanding cooperating between Greece and the United Arab Emirates. The country aims to produce 35% of its energy from renewable sources by 2030 and targets production of over 60% of its electricity consumption through renewables by the same year, doubling its current contribution.