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Hidroelectrica and Masdar expand scope of collaboration agreement
Hidroelectrica and Masdar have agreed to expand the scope of the joint venture company (JVC) to be established, so that it includes the implementation of on-shore and floating solar photovoltaic projects, as well as the implementation of storage systems of energy in batteries, under conditions of technological exclusivity, for a period of three years.
"As regards the exclusive collaboration, it can be extended for an additional period of three more years, under the conditions in which the joint venture has proposed, during the first three-year period, for the approval of the Board, for the FID phase, cumulative investments of 2,000 of MW (greenfield or brownfield projects) and the parties agreed to the terms of extending the exclusivity for a new period. The parties also agreed that through the JVC they can explore business opportunities in other technologies as well (onshore and off-shore wind) or in other geographical areas (outside Romania, for example), decisions in this sense to be taken on a case-by-case basis. The document is signed subject to obtaining subsequent internal approvals from both companies, Hidroelectrica and Masdar, on the final text of the Shareholder Agreement (SHA), which will also include these proposals", informs a press release from Hidroelectrica sent on last Thursday.
Last March, the company signed an agreement with Masdar for the development of renewable energy projects in Romania. Controlled by Abu Dhabi National Oil Company, Abu Dhabi National Energy Company PJSC (TAQA) and Mubadala Investment Company, Masdar is one of the world leaders in developing and investing in renewable energy projects.
A delegation of Hidroelectrica, led by Karoly Borbely, president of the company's Board, is participating in the working visit to the United Arab Emirates, which takes place between April 17-19, 2024. This trip is part of the second stage of the tour in the Gulf states, which is carried out by Prime Minister Marcel Ciolacu between April 16-19, 2024.
"The visit to the United Arab Emirates represents an extremely important opportunity for the promotion of economic cooperation and investments between the two countries. The signing of the extension of last year's agreement with Masdar demonstrates our common commitment to promote sustainability and the diversification of the energy source in Romania.We are determined to continue and strengthen the collaboration with Masdar for the development of renewable energy projects in our country. At this moment, we are focusing on finalizing the negotiations for the Shareholder Agreement (SHA) for the joint venture that will be established by the two partners, Hidroelectrica and Masdar, in equal shares. We aim that the first investment made by the new company should be a pilot project for the installation of floating photovoltaic panels on seven reservoirs on the Middle and Lower Olt River," said Karoly Borbely .