Photo: Sebastian Burduja / Facebook
The joint venture partnership between Romanian hydropower plant operator Hidroelectrica and Masdar from the UAE is taking shape. They agreed to establish a company to invest more than EUR 1.5 billion in the next three years in photovoltaic plants, floating solar power systems on dam reservoirs and battery storage.
Prime Minister of Romania Marcel Ciolacu visited Abu Dhabi with a group of ministers and the leadership of several state institutions and government-controlled companies. Building on a joint venture partnership established a year ago, Hidroelectrica and Abu Dhabi Future Energy Co. – Masdar agreed to launch investments of more than EUR 1.5 billion in solar power and battery energy storage systems, Minister of Energy Sebastian Burduja said.
The two companies decided to develop both onshore and floating solar power projects together, according to the Romanian state-owned hydropower plant operator. Hidroelectrica revealed that the partnership with Masdar became exclusive, for at least three years.
It can be extended if, within the period, the joint venture proposes final investment decisions (FID) for a total of at least 2 GW in greenfield or brownfield projects, the Romanian utility added. Burduja said the firm would be registered by the end of June.
First joint investment to be in floating power plants on Olt river
Additionally, the partners agreed they can explore opportunities in the onshore and offshore wind power segments as well as outside Romania.
President of the Board of Hidroelectrica Károly Borbély, who led its delegation, said the joint venture would be equally owned and that the first investment with Masdar would be in a pilot project for floating solar power plants on seven reservoirs in the middle and downstream sections of the Olt river.
Hidroelectrica has 187 hydropower plants with 6.3 GW in combined capacity. It also operates the 108 MW Crucea wind farm. The utility said it holds a 13.1% share in power supply in Romania.
Masdar to participate in Belgrade Energy Forum
Masdar is owned by Abu Dhabi National Energy Co. (Taqa), Mubadala Investment Co. (Mubadala) and Abu Dhabi National Oil Co. (Adnoc). It has almost 15 GW worldwide in green energy facilities in operation and development.
The company is scheduled to participate in the upcoming Belgrade Energy Forum 2024 on May 13-14 in Serbia’s capital. In Southeastern Europe, Masdar is also active through the Masdar Taaleri joint venture. It won a market premium in August for its Čibuk 2 project in Serbia at the country’s first wind power auction.
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