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UAE’s Masdar signs joint venture for offshore wind and floating solar farms in Romania

The representatives of Romania’s Hidroelectrica and UAE’s Masdar have signed a joint venture agreement for the development of wind farms offshore and floating solar parks in Romania, Hidroelectrica announced on 20 March. 

Masdar oversees a range of renewable energy projects across the globe, including Poland, Serbia and Montenegro. The company has an overall 16 years of experience in the development and construction of renewables with a portfolio of 23 gigawatts (GW) of installed capacity.

“The signing 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 to 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 revolutionise both the pace of development and the size of investments in our country,” said Bogdan Badea, President of Hidroelectrica.

Masdar has mainly invested in solar and wind energy projects, with a combined value of more than 30 billion US dollars (27.8 billion euros).

“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,” Mr Badea added.

Hidroelectrica is the largest producer of green energy in Romania, with a market share of around 28 per cent and an average annual production of 15.7 terawatts per hour (TWh) delivered to the network. The company also has a portfolio of 187 hydropower plants with a hydropower capacity of 6.3 GW. 

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