Continuing its support in developing clean energy projects around the world, Abu Dhabi Future Energy Company (Masdar) will establish a joint venture with Madrid-headquartered Cepsa to build renewable energy projects in Spain and Portugal.
Masdar will form a joint venture with Cepsa, which is a subsidiary of Mubadala Investment Group and The Carlyle Group to work on the projects, with the announcement being made on the sidelines of the Abu Dhabi Sustainability Week 2020.
The new Emirati-Spanish joint venture, Cepsa Masdar Renovables, will focus on developing wind and solar photovoltaic (PV) projects in the Iberian Peninsula, with an initial target of 500 to 600MW.
Speaking about choosing the Iberian Peninsula for the projects, chief executive officer of Masdar, Mohamed Jameel Al Ramahi said: “The Iberian Peninsula is an attractive location for renewable energy investors” adding that through the joint venture, the firm aims to expand its “renewable energy portfolio further into the region”.
Meanwhile, CEO of Cepsa, Philippe Boisseau, said: “The alliance with Masdar represents an important lever for our growth in this sector, focused on Spain and Portugal.”
Since 2008, Masdar has been operating in Spain through Torresol Energy. The company fulfils power needs of more than 107,000 homes through its facilities in the province of Cádiz, and in Seville. Masdar runs Gemasolar, the first commercial-scale solar thermal plant in the world capable of providing power 24 hours a day in Seville.