A Hidroelectrica delegation, led by Karoly Borbely, president of the company’s directorate, participated in the Government’s working visit to the United Arab Emirates, on which occasion Hidroelectrica and Masdar agreed to expand the scope of the joint venture (JVC) to be established by the two companies, so that it includes the completion of onshore and floating solar projects, as well as the implementation of energy storage systems via batteries, under conditions of technological exclusivity, for a period of three years.
As for the exclusive collaboration, it can be extended for an additional period of 3 more years, as during the first 3-year period the joint venture has proposed for the approval of the Board, for the FID phase, cumulative investments of 2,000 MW (greenfield or brownfield projects) and the parties have agreed on the terms of extending the exclusivity for a new period. The parties also agreed that through the JVC they can explore business opportunities in other technologies (onshore and off-shore wind) or in other geographical areas (outside Romania, for example), the decisions in this regard following to be taken on a case-by-case basis. The document is signed subject to obtaining further internal approvals from both companies, Hidroelectrica and Masdar, on the final text of the Shareholder Agreement (SHA), which will also include these proposals.
“The visit to the United Arab Emirates represents an extremely important opportunity for the promotion of economic cooperation and investments between the two countries. The signing of the extension of last year’s agreement with Masdar demonstrates our common commitment to promote sustainability and the diversification of the energy source in Romania. We are determined to continue and strengthen the collaboration with Masdar for the development of projects in the field of renewable energy in our country. two partners, Hidro and Masdar, in equal shares. We proposed that the first investment made by the new company would be a pilot project for the installation of floating photovoltaic panels on seven reservoirs on the Middle and Lower Olt,” said Karoly Borbely, CEO of Hidroelectrica.
In March last year, Hidroelectrica signed an agreement with Masdar for the development of renewable energy projects in Romania. Controlled by Abu Dhabi National Oil Company, Abu Dhabi National Energy Company PJSC (TAQA) and Mubadala Investment Company, Masdar is one of the world leaders in developing and investing in renewable energy projects. The company has invested more than $20 billion in renewable capacity globally, with nearly 15,000 MW of installed capacity in operation and development.