In the context of the visit paid by a Romanian delegation headed by prime minister Marcel Ciolacu in Qatar and UAE, Hidroelectrica (BVB: H2O) and Masdar of Emirates agreed to expand the scope of the joint venture (JVC) to be established so that it includes the development of on-shore and floating solar projects, as well as the implementation of energy storage systems in batteries, for three years.

The exclusive collaboration between the two firms can be extended for an additional period of three more years, given that the joint venture proposes for approval investment decisions (FIDs) related to projects of over 2,000MW (greenfield or brownfield projects) during the first three-year period and the parties agree on the terms of extending the exclusivity for a new period, Economica.net reported.

Hidroelectrica has signed a joint venture agreement with Masdar, a leading renewable energy project developer and operator in the UAE, the company said in a press release on March 21, 2023.

The partnership was agreed at that time for offshore wind farms and floating solar farms in Romania.

iulian@romania-insider.com

(Photo source: Inquam Photos/Octav Ganea)