We noticed you're blocking ads.

Keep supporting great journalism by turning off your ad blocker.

Questions about why you are seeing this? Contact us

Font Size

- Aa +

Wed 16 Jan 2019 02:02 PM

Font Size

- Aa +

UAE's Masdar eyes Iberian projects with Cepsa partnership deal

New Masdar agreement will focus on proven clean technologies, wind and solar PV in Spain and Portugal

UAE's Masdar eyes Iberian projects with Cepsa partnership deal
Masdar aims to grow its portfolio of renewable energy projects in Europe.

Abu Dhabi Future Energy Company, better known as Masdar, and Cepsa have signed a partnership agreement which aims to grow the renewables portfolio of both companies.

The deal, signed at Abu Dhabi Sustainability Week, will focus on proven clean technologies, wind and solar PV (photovoltaic) in Spain and Portugal, where Cepsa hopes to achieve a capacity of 500-600MW in the next five years.

The collaboration builds on the energy expertise of both companies, which are wholly owned by Mubadala Investment Company.

Pedro Miro, Cepsa’s CEO, said: “After the initial phase of screening market access opportunities in several geographies, we have agreed Iberia to be the initial focus for our joint growth strategy. This step will allow us to combine synergies and expertise in one of the leading renewable markets in the world.”

Mohamed Jameel Al Ramahi, CEO of Masdar, added: “Masdar has a long-standing presence and growing portfolio of renewable energy projects in Europe. We’re delighted to see our collaboration with Cepsa gather momentum and look forward to pooling our expertise and project development track record to explore further commercial opportunities in the Iberian Peninsula in both solar and wind.”

In 2017, Cepsa acquired the rights to develop its first wind farm in Jerez de la Frontera in Spain’s southern province of Cadiz.

The company has led the project through its development and construction phases and is targeting completion in the first quarter of 2019.

Arabian Business: why we're going behind a paywall

For all the latest energy and oil news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.