|15 January, 2020

UAE's Masdar, Spain's Cepsa to form JV for renewable energy projects

Cepsa Masdar Renovables will focus on developing wind and solar photovoltaic (PV) power projects in the Iberian Peninsula

Masdar celebrates fifth anniversary of flagship Middle East solar energy project Shams 1 Image used for illustrative purpose.

Masdar celebrates fifth anniversary of flagship Middle East solar energy project Shams 1 Image used for illustrative purpose.

Masdar/ Handout via Thomson Reuters Zawya

Abu Dhabi’s Masdar, a subsidiary of Mubadala Investment Company, and Cepsa, a global energy and chemical company owned by Mubadala and The Carlyle Group has agreed to form a JV to develop renewable energy projects in Spain and Portugal.

The 50:50 venture, Cepsa Masdar Renovables, will focus on developing wind and solar photovoltaic (PV) projects in the Iberian Peninsula, with an initial target of 500-600 megawatts (MW),Masdar said in a statement.

“The Iberian Peninsula is an attractive location for renewable energy investors and we look forward to expanding our renewable energy portfolio further into the region, while strengthening our partnership with Cepsa,” said Mohamed Jameel Al Ramahi, Chief Executive Officer, Masdar.

"As a global energy company, we are building a diversified business portfolio. Renewable energy is one of the fundamental pillars of the energy transition and one of the fields in which we want to expand our presence. The alliance with Masdar represents an important lever for our growth in this sector, focused on Spain and Portugal,” said Philippe Boisseau, Chief Executive Officer, Cepsa.

Masdar has operated in Spain since 2008 through Torresol Energy and supplies power to over 107,000 homes, with facilities in the province of Cádiz, and in Seville.

Cepsa operates a wind farm in Spain with an installed capacity of 28.8 MW and an estimated production of 72 GWh per annum. Its production is enough to power more than 20,000 homes annually.

(Writing by Seban Scaria seban.scaria@refinitiv.com , editing by Anoop Menon)

Disclaimer: This article is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Read our full disclaimer policy here.

© ZAWYA 2020

More From Business