Hidroelectrica, Masdar expand Romanian renewables JV

Romanian hydropower producer Hidroelectrica (BSE:H2O) and Abu Dhabi Future Energy Company, better known as Masdar, have agreed to expand their previously unveiled Romanian joint venture plan to add onshore and floating solar projects, along with battery energy storage capacities.

The pact has been extended for a period of three years, with an option for further renewal given that during this period the joint business has outlined and presented for board approval 2,000 MW of greenfield or brownfield projects, according to a statement released on Friday.

In addition, through the joint entity to be established, the companies have decided to also explore business prospects in alternative technologies, such as onshore and offshore wind, or in different geographical regions, including outside Romania.

The pact, which was signed during a working visit of a Romanian delegation to the United Arab Emirates, is subject to internal approvals from both companies.

In March 2023, Hidroelectrica and its Abu Dhabi-based partner signed an agreement for the development of renewable energy projects in Romania.

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