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.
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