Cepsa and Masdar signed a partnership agreement to develop 500 MW to 600 MW of renewable energy projects in Spain and Portugal in the next five years.
"Masdar has a long-standing presence and growing portfolio of renewable energy projects in Europe," Masdar CEO Mohamed Jameel Al Ramahi said in a news release Jan. 15. "We're delighted to see our collaboration with Cepsa gather momentum and look forward to pooling our expertise and project development track record to explore further commercial opportunities in the Iberian Peninsula in both solar and wind."
Both companies are wholly owned by Abu Dhabi's Mubadala Investment Co. Cepsa is an energy company headquartered in Spain. It was acquired by Abu Dhabi-owned sovereign wealth fund IPIC in 2011. IPIC was merged into Mubadala in 2017.
Masdar separately announced a joint venture with a Finnish fund manager to develop renewable energy assets in central and eastern Europe.