January 15 (Renewables Now) - Abu Dhabi Future Energy Company PJSC, also known as Masdar, has signed an agreement with Madrid-based oil-and-gas giant Cepsa to set up a joint venture (JV), targeting 500 MW to 600 MW of renewables in Spain and Portugal in the initial run.
The 50/50 JV is named Cepsa Masdar Renovables, its founders announced today at the Abu Dhabi Sustainability Week 2020 event.
The new company will set its sights on developing wind and solar photovoltaic (PV) projects in the Iberian peninsula where both Masdar and Cepsa operate renewable energy assets.
Masdar, wholly-owned by the Abu Dhabi government’s Mubadala Investment Company, has been present in Spain since 2008. Through Torresol Energy, it runs facilities in Cadiz province and the Gemasolar concentrated solar power (CSP) plant in Seville.
Cepsa, in which Mubadala is one of two shareholders, operates a 28.8-MW wind farm in Jerez de la Frontera, Cadiz.
"The Iberian Peninsula is an attractive location for renewable energy investors and we look forward to expanding our renewable energy portfolio further into the region, while strengthening our partnership with Cepsa," Masdar CEO Mohamed Jameel Al Ramahi said at the signing ceremony.