Hidroelectrica and UAE company Masdar sign joint venture agreement for the development of wind farms and solar parks in Romania

Hidroelectrica and the Masdar company from the United Arab Emirates have signed a joint venture agreement that engages the two companies in a joint investment effort aimed at building offshore wind farms and floating solar farms in Romania.

“The initialing by Hidroelectrica and Masdar of one of the most important joint venture agreements intended for energy investments in our country shows the determination in terms of making investments and, at the same time, attests the openness of the Romanian state and Romanian companies for serious collaborations, with strong partners. The experience in the development and construction of renewable energy capacities, the financial strength of Masdar, combined with the local expertise of Hidroelectrica and the company’s own resources can revolutionize both the pace of development and the size of investments in our country. Together with Masdar, we are targeting investments in the area of floating photovoltaic and offshore wind technologies, the area of maximum expertise of our partner and, at the same time, our area of maximum interest assumed through the company’s strategic development plans,” said Bogdan Badea, president of the directorate Hidroelectrica.

Masdar is one of the leading global players with projects in 40 countries and 16 years of experience in the development and construction of renewable energy production capacity and has a portfolio of 23 GW installed.

According to data provided by the company, since 2006, Masdar has invested mainly in solar and wind energy projects, with a combined value of more than $30 billion.