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16 January 2020
INVESTMENT

Masdar partners with Cepsa to form renewable energy joint venture

The 50:50 venture, Cepsa Masdar Renovables, will focus on developing wind and solar photovoltaic projects in the Iberian Peninsula, with an initial target of 500-600 megawatts.

Cepsa operates a wind farm in Cádiz in Spain with an installed capacity of 28.8 megawatts/Bloomberg

by Kudakwashe Muzoriwa

Mubadala Investment Company’s Masdar and Cepsa has agreed to establish a joint venture company to develop renewable energy projects in Spain and Portugal.

 “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,” said Mohamed Jameel Al Ramahi, the Chief Executive Officer of Masdar.

Cepsa operates a wind farm in Cádiz in Spain with an installed capacity of 28.8 megawatts and an estimated production of 72GWh per annum, which is enough to power more than 20,000 homes annually.

Masdar, which has been operating n the country since 2009 through its venture with Torresol Energy operates a commercial-scale solar thermal plant in Cadiz as well as Seville.

Philippe Boisseau, the Chief Executive Officer of Cepsa, said, “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.”

Renewables accounted for 55 per cent of Portugal’s total electricity demand in 2018 and the country is targeting to reach 80 per cent of total demand by 2030 while Spain is targeting 74 per cent electricity generation from clean power sources by the end of the decade.


RELATED STORIES: Mubadala Investment Company Cepsa Masdar Renovables Cepsa Torresol Energy

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