Hidroelectrica (the “Company”), the largest energy producer in Romania, yesterday signed a joint venture agreement with Masdar, a leading developer and operator of renewable energy projects in the UAE, for joint investment in off-shore wind farms and floating solar farms in Romania.

The agreement was signed in Abu Dhabi at an event attended by Mr. Klaus Iohannis, President of Romania, Virgil Popescu, Romania’s Minister of Energy, and Suhail Mohamed Al Mazrouei, UAE Minister of Energy, along with numerous high officials from both countries.

Masdar is a leading global renewable energy business, with projects in 40 countries and 16 years of experience in the development and construction of renewable energy production capacities, with a portfolio of 23 GW installed. Since 2006, Masdar has invested predominantly in solar and wind energy projects, with a combined value of more than $30 billion.

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Hidroelectrica is the largest producer of green energy in Romania. The Company has an average market share between 2017 and 2021 of approx. 28%. The Company’s growth strategy and diversification into solar and wind energy will see it respond to increased energy demand in one of Europe’s fastest growing economies, while being fully aligned to the global decarbonisation agenda. The Company achieves an average annual production of 15.7 TWh renewable energy delivered to Romania’s energy network between 2017 and 2021 from a portfolio of 187 hydropower plants, with a hydropower capacity of 6.3 GW and an onshore wind capacity of 108 MW from the Crucea wind farm.

Bogdan Badea, Chairman of Hidroelectrica’s Management Board, commented:

“The Hidroelectrica and Masdar partnership is one of the most important joint venture agreements for energy investments in Romania. It demonstrates the commitment of the Romanian state and Romanian companies to making such investments and to collaborating with serious and strong international partners. The combination of Masdar’s experience in the development and construction of renewable energy capacities, its financial strength, and Hidroelectrica’s local expertise and own resources, has the potential to revolutionise both the pace of development and the size of investments in Romania.

Together, we are targeting investments in floating photovoltaic and offshore wind technologies, which are Masdar’s particular area of expertise and a key focus of Hidroelectrica’s strategic development.”