Spanish oil group Cepsa has inked a memorandum of understanding (MoU) with Abu Dhabi renewable energy company Masdar to collaborate on future wind and solar power projects internationally.
Masdar said in a statement that the MoU was “a reflection of the constant search for synergies among businesses of [Masdar parent company] Mubadala Investment.
“The combination of Cepsa’s excellence in operations and execution of industrial projects in places like Algeria and Latin America, coupled with Masdar’s experience in renewable energy in the Middle East, the UK and other markets, will help drive the development of projects in strategic countries for both companies.”
Spain, the Middle East, North Africa, Latin America and Europe – “locations where [Masdar and Cepsa] already operate or can easily access” – are the first target markets.
The MoU, signed at the World Future Energy Summit 2018, comes on the heels of Cepsa announcing it would develop its first wind farm, close to the city of Jerez de la Frontera in the province of Cadiz, using Siemens Gamesa turbines.
