The collaboration reflectsthe constant search for synergies among Mubadala group businesses
The agreement highlights Cepsa's diversified energy model and long-term strategy
Masdar has an established presence in the Middle East and European renewables sectors and this agreement highlights its ambition to continue expanding its geographical footprint
Cepsa, a global energy company with more than 85 years' experience, and Masdar, Abu Dhabi Future Energy Company, an international leader in renewables and sustainable urban development, have signed a Memorandum of Understanding (MOU) to explore renewable energy project collaboration, especially wind and solar. Cepsa and Masdar aim to expand their international presence in the renewable energy market through the signing of this agreement.
The collaboration between Cepsa and Masdar is a reflection of the constant search for synergies among businesses of the Mubadala Investment Company.
The agreement was announced today at Abu Dhabi Sustainability Week, one of the world's largest gatherings on sustainability which is currently being held in the UAE capital. Last year the event received over 38,000 visitors.
This agreement strengthens Cepsa's diversified energy model and long-term strategy, and is in line with the Company's forecasts as outlined in its Cepsa Energy Outlook 2030 report for renewable energy sector growth in the coming years. In 2017, the Company acquired the rights to develop its first wind farm in Jerez de la Frontera, in Spain's southern province of Cadiz.
Since 2006, Masdar has invested in renewable energy projects with a combined value of US$8.5 billion; the company's share of this investment is US$2.7 billion. Masdar's renewable energy projects are located in the UAE, Jordan, Mauritania, Egypt, Morocco, the UK, Serbia, Germany and Spain.