Cepsa Masdar Renowables to focus on wind and solar photovoltaic (PV) energy projects in the Iberian Peninsula; aim is for an initial capacity of 500-600MW
CHANGCHUN, China, January.
17, 2020 /PVTIME/ -- Masdar, one of the world’s leading
renewable energy companies and a subsidiary of Mubadala Investment Company, and
Cepsa, a global energy and chemical company owned by Mubadala and The Carlyle
Group, today announced an agreement to establish a joint venture company to
develop renewable energy projects in Spain and Portugal.
The 50:50 venture was announced at Abu Dhabi Sustainability
Week 2020, in the presence of Khaled Abdulla Al Qubaisi, Chief Executive
Officer, Aerospace, Renewables & ICT, Mubadala Investment Company, and
Mussabbeh Al Kaabi, Chief Executive Officer, Petroleum and Petrochemicals,
Mubadala Investment Company and Director and Chairman, Cepsa. The new company,
Cepsa Masdar Renovables, will focus on developing wind and solar photovoltaic
(PV) projects in the Iberian Peninsula, with an initial target of 500-600MW.
“Masdar is proud to use its strong track record in
renewables to help Spain and Portugal increase the share of clean energy in
their energy mix. 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, Chief Executive Officer, Masdar.
"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. The alliance with Masdar represents an important lever for
our growth in this sector, focused on Spain and Portugal,” said Philippe Boisseau,
Chief Executive Officer, Cepsa.
In 2018, renewables accounted for 55 per cent of Portugal’s
total electricity demand, and the country is targeting to reach 80 per cent of
total demand by 2030. Spain is targeting renewables accounting for 74 per cent
of its electricity mix by the end of this decade.
Masdar has operated in Spain since 2008 through Torresol Energy and supplies power to over 107,000 homes, with facilities in the province of Cádiz, and in Seville, where it runs Gemasolar, the first commercial-scale solar thermal plant in the world capable of providing power 24 hours a day.
Cepsa operates a wind farm in Jerez de la Frontera (Cádiz, Spain) with an installed capacity of 28.8MW and an estimated production of 72GWh per annum. Its production is enough to power more than 20,000 homes annually, cutting CO2 emissions by 32,000 tons.