Cepsa and Masdar to collaborate in the development of renewable projects in Spain and Portugal

Cepsa and Masdar

The race toward renewables in the Iberian Peninsula is accelerating. Cepsa and its Arab partner Masdar have signed an agreement to develop joint projects aiming to establish a capacity of 500 to 600 MW of renewable energy in Spain and Portugal over the next five years.

The deal was signed in Abu Dhabi on Tuesday during the Abu Dhabi Sustainability Week. This is one of the most important sustainability summits worldwide. The information was disclosed via a joint statement from both companies.

A solid route of joint projects

Cepsa and Masdar had already signed a Memorandum of Understanding back in 2017. The deal signed on Tuesday establishes lines of action to grow their renewable portfolio. In detail, it will focus on the development of joint wind and solar energy projects in Spain and Portugal.

In this region, the Spanish company has set the goal to establish a total capacity of 500 to 600 MW over the next five years.

The Iberian Peninsula as the main focus

“After the initial phase of screening market access opportunities in several geographies, we have agreed Iberia to be the initial focus for our joint growth strategy. This step will allow us to combine synergies and expertise in one of the leading renewable markets in the world,” Pedro Miró, Cepsa’s Chief Executive Officer, said.

For his part, Mohamed Jameel Al Ramahi, Chief Executive Officer of Masdar, said: “Masdar has a long-standing presence and growing portfolio of renewable energy projects in Europe”. He added that the company is looking forward to “pooling our expertise and project development track record”. In this sense, they are aiming to explore further commercial opportunities in the Iberian Peninsula in both solar and wind.”

Clean energy tradition

The agreement strengthens Cepsa’s diversified energy model and long-term strategy, and is in line with the forecasts outlined in the Cepsa Energy Outlook 2030 report.

In 2017, Cepsa acquired the rights to develop its first wind farm in Jerez de la Frontera (Cadiz). The company has led the project through its development and construction phases and is targeting completion in the first quarter of 2019.

For its part, Masdar is a global leader in both solar and wind energy with a presence in more than 25 countries. The electricity generating capacity of these projects, which are either fully operational or under development, is nearly 4 gigawatts (GW). This number includes both operative facilities and those under development.

Previous efforts in Central and Eastern Europe

Recently, Masdar signed a cooperation deal with Finnish company Taaleri Energia. The association will be aimed at developing renewable energy projects in Central and Eastern Europe.

The purpose is to build on the success Masdar and Taaleri’s ongoing activities in the Western Balkans. To this end, the companies are expanding their collaboration through joint wind and solar projects.

Masdar and Taaleri wish to work in the development of renewable power initiatives Central and Eastern Europe. These plans are in line with the expected growth in terms of renewable energy and a significant volume of opportunities.

One of the most important objectives is to penetrate the onshore wind energy market in Poland. In this region, they expect to reach a level of 3GW of new capacity over the coming years.

Moreover, multilateral organisms have encouraged countries in the Western Balkans to substitute fossil fuels with renewable power in a large portion of their 9GW capacity. Similarly, Greece announced plans to add up to 2.3GW of solar and wind energy by late 2020.

For more information, check Energía16

See also: Windfloat Atlantic: Wind energy for the Iberian Peninsula  

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