Masdar, Hidroelectrica to expand partnership

Masdar + Hidroelectrica to jointly invest EUR 1.5 bn in new renewables projects: State-backed renewables giant Masdar and Romanian state-owned utility company Hidroelectrica agreed to form a joint venture to develop solar and energy storage projects, extending their partnership by three years, Hidroelectrica said in a {statement}.

In detail: The JV — set to be registered by the end of June — will see the two companies collaborating on the development of onshore and floating solar projects and battery energy storage systems in Romania for three years, with an investment of EUR 1.5 bn, Romanian Energy Minister Sebastian Burduja said. The JV’s pilot project will see Masdar develop floating solar plants on seven reservoirs in the middle and downstream sections of the Olt river in Romania, Hidroelectrica CEO Borbèly Kàroly is quoted as saying by Balkan Green Energy News.

Ownership of the JV will be split 50-50 between Masdar and Hidroelectrica,Kàroly reportedly said.

The partnership could venture beyond Romania: With the extension of the JV, the firms agreed to explore potential business in other renewable energy segments — including wind power — and implement them in other countries outside Romania, Kàroly said.

The firms might potentially extend the JV for another term if it proposes final investment decisions for a total of at least 2 GW in greenfield or brownfield projects, according to the news outlet.

Background: Masdar signed a joint cooperation agreement in March last year with Hidroelectrica to deploy offshore wind energy and floating solar energy projects totalling 2 GW in Romania.

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