Hidroelectrica, Romania's premier green energy producer, has solidified its collaboration with Masdar, a global leader in renewable energy projects. Led by Karoly Borbely, Hidroelectrica's delegation participated in a working visit to the United Arab Emirates (UAE) from April 17-19, 2024, marking a pivotal moment in the partnership between the two entities.
During the visit, Hidroelectrica and Masdar reached an agreement to broaden the scope of their joint venture (JVC) to encompass the development of onshore and floating solar photovoltaic projects, along with the implementation of energy storage systems using batteries. This expansion comes with conditions of technological exclusivity, extending for a period of three years, with the possibility of a further extension pending specific criteria fulfillment.
Karoly Borbely, CEO of Hidroelectrica, emphasized the significance of the visit, stating, “The visit to the United Arab Emirates represents an extremely important opportunity for promoting economic cooperation and investments between the two countries.” He underscored their mutual dedication to promoting sustainability and diversification of energy sources in Romania, highlighting their commitment to advancing renewable energy projects.
Masdar, backed by significant investment from Abu Dhabi National Oil Company, TAQA, and Mubadala Investment Company, stands as a key player in global renewable energy endeavors. With over $20 billion invested in renewable capacity worldwide and nearly 15,000 MW of installed capacity, Masdar brings invaluable expertise and resources to the partnership.
Last year, Hidroelectrica initiated an agreement with Masdar for renewable energy project development in Romania, marking the beginning of a fruitful collaboration. As the largest green energy producer in Romania, Hidroelectrica operates a vast array of hydropower plants and owns a wind farm in Crucea, further solidifying its commitment to sustainable energy practices.
