UAE - Mubasher: The UAE’s Masdar, one of the world’s leading developers and operators of utility-scale renewable energy projects, and Cepsa, a global energy and chemical company, have signed an agreement to set up a 50:50 venture company to launch renewable energy projects in Spain and Portugal.

The joint venture between Masdar, a subsidiary of Mubadala Investment Company, and Cepsa, owned by Mubadala, was disclosed during Abu Dhabi Sustainability Week 2020.

Under the name of ‘Cepsa Masdar Renovables’, the new company will seek to establish wind and solar photovoltaic (PV) projects, with an initial target of 500-600MW, in the Iberian Peninsula, home to Spain and Portugal.

The CEO of Masdar, Mohamed Jameel Al Ramahi, said: “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.”

Meanwhile, the CEO of Cepsa, Philippe Boisseau, referred: “As a global energy company, we are building a diversified business portfolio. Renewable energy is one of the fundamental pillars of the energy transition and one of the fields in which we want to expand our presence.”

It is noteworthy to mention that since 2008, Masdar has run in Spain Torresol Energy and Gemasolar, the first commercial-scale solar thermal plant worldwide, while supplying electricity to over 107,000 homes.