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Hidroelectrica and Masdar have agreed to expand the scope of the joint venture (JVC) to be established so that it includes the realization of on-shore and floating solar photovoltaic projects, as well as the implementation of energy storage systems in batteries, under exclusive conditions technology, for a period of 3 years, informs a Hidroelectrica press release.
A delegation of Hidroelectrica, led by Karoly Borbely, president of the company’s directorate, is participating in the working visit to the United Arab Emirates, which takes place between April 17-19, 2024. This trip is part of the second stage of the tour in the Gulf states, which is carried out by Prime Minister Marcel Ciolacu between April 16-19, 2024.
“As for the exclusive collaboration, it can be extended for an additional period of 3 more years, provided that 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,” Hidroelectrica explains.
“The visit to the United Arab Emirates is an extremely important opportunity to promote economic cooperation and investment 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 renewable energy projects in our country. At the moment we are focusing on finalizing the negotiations for the Shareholder Agreement (SHA) for the joint venture to be established by the two partners, Hidro and Masdar, in equal shares. We proposed that the first investment made by the new company 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.
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