Image credit: Masar

UAE company signs deal with Romanian energy firm Hidroelectrica

Romanian energy company Hidroelectrica has signed a joint venture agreement with UAE clean tech firm Masdar to develop offshore wind and floating solar in Romania.

The deal was signed in Abu Dhabi by Romania’s President Klaus Iohannis, its energy minister Virgil Popescu, and UAE energy minister Suhail Mohamed Al Mazrouei.

Hidroelectrica is the largest producer of renewable energy in Romania, with an average market share between 2017 and 2021 of around 28% coming via 187 hydropower plants and 108MW-worth of onshore wind.

In a statement it said its growth strategy and diversification into solar and offshore wind will see it “respond to increased energy demand in one of Europe’s fastest growing economies, while being fully aligned to the global decarbonisation agenda”.

Hidroelectrica chairman Bogdan Badea said the partnership withMasdar “is one of the most important joint venture agreements for energy investments in Romania”.

“It demonstrates the commitment of the Romanian state and Romanian companies to making such investments and to collaborating with serious and strong international partners.

He said the combination “of Masdar’s experience in the development and construction of renewable energy capacities, its financial strength, and Hidroelectrica’s local expertise and own resources, has the potential to revolutionise both the pace of development and the size of investments in Romania”.