Hidroelectrica & Masdar Form JV for Green Projects in Romania

Mar 22, 2023 11:24 AM ET
  • Romanian energy firm Hidroelectrica as well as UAE renewable energy firm Masdar have actually signed a joint venture agreement to build wind farms offshore as well as floating solar parks in Romania.

Romanian energy firm Hidroelectrica and also UAE renewable energy firm Masdar have actually authorized a joint venture agreement to develop wind farms offshore and floating solar parks in Romania.

Talking on the event, Bogdan Badea, the President of Hidroelectrica, stated, "The initialing by Hidroelectrica as well as Masdar is among one of the most important joint venture agreements planned for energy financial investments in our country. It shows the decision in regards to making investments as well as, at the same time, confirms the visibility of the Romanian state and Romanian business for major cooperations, with strong companions." He additionally pointed out, "The experience in the advancement as well as construction of renewable energy capacities, the monetary strength of Masdar, incorporated with the local expertise of Hidroelectrica as well as the firm's own resources can transform both the rate of development as well as the dimension of financial investments in our nation."

Commenting on the plans via this JV, he claimed, "Along with Masdar, we are targeting financial investments in the area of floating photovoltaic and also offshore wind modern technologies, the location of maximum expertise of our companion and, at the same time, our location of maximum passion thought via the firm's tactical growth strategies."

With numerous such projects throughout 40 countries and initiatives to its credit, Masdar has 16 years of experience in the advancement as well as building and construction of renewable resource production capacity, as well as has a portfolio of set up capacity of 23 GW. Given that 2006, Masdar asserts to have invested mainly in solar and also wind power projects, with a mixed value of greater than $30 billion.

Hidroelectrica is reported to be the biggest producer of green energy in the nation as well as reported a market share of roughly 28%. It creates 15.7 TWh of green energy yearly on a standard. It is also reported to be amongst the most successful Romanian companies, offering of a portfolio of 187 hydropower plants, with a hydropower capacity of 6.3 GW. In 2020, the company purchased among one of the most modern-day wind farms in Romania-- the Crucea wind farm, with a set up power of 108 MW.

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