Romanian energy firm Hidroelectrica and UAE renewable energy firm Masdar have signed a joint venture agreement to build wind farms offshore and floating solar parks in Romania.
Speaking on the occasion, Bogdan Badea, the President of Hidroelectrica, said, “The initialing by Hidroelectrica and Masdar is one of the most important joint venture agreements intended for energy investments in our country. It 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.” He further pointed out, “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.”
Commenting on the plans through this JV, he said, “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.”
With many such projects across 40 countries and initiatives to its credit, Masdar has 16 years of experience in the development and construction of renewable energy production capacity, and has a portfolio of installed capacity of 23 GW. Since 2006, Masdar claims to have invested mainly in solar and wind energy projects, with a combined value of more than $30 billion.
Hidroelectrica is reported to be the largest producer of green energy in the country and reported a market share of approximately 28%. It produces 15.7 TWh of green energy annually on an average. It is also reported to be among the most profitable Romanian firms, boasting of a portfolio of 187 hydropower plants, with a hydropower capacity of 6.3 GW. In 2020, the firm bought one of the most modern wind farms in Romania – the Crucea wind farm, with an installed power of 108 MW.