Romania's Hidroelectrica inks 'revolutionising' Black Sea wind and solar deal with Masdar

Abu Dhabi-headquartered clean energy outfit Masdar has extended its influence in the central Eurasian renewables build-out with a joint venture (JV) signed today (Tuesday) with Romania utility Hidroelectrica to construct offshore wind and floating solar projects together in the Black Sea.

The JV agreement was signed at an event attended by Romania’s president Klaus Iohannis, the country’s minister of energy Virgil Popescu, and UAE minister of energy Suhail Mohamed Al Mazrouei, along with high-levels officials from both countries.

Bogdan Badea, chairman of Hidroelectrica’s management board, stated: “The partnership is one of the most important joint venture agreements for energy investments in Romania. It demonstrates the commitment of the Romanian state and [its] companies to making such investments and to collaborating with seriousand strong international partners.

“The combination of Masdar’s experience in the development and construction of renewable energy capacities, its financial strength, and Hidroelectrica’s local expertise and own resources, has the potential to revolutionise both the pace of development and the size of investments in Romania.

“Together, we are targeting investments in floating PV and offshore wind technologies, which are Masdar’s particular area of expertise and a key focus of Hidroelectrica's strategic development."

Hidroelectrica is Romania’s largest clean energy producer, supplying some 16TWh to the country’s national grid between 2017 and 2021 from a portfolio of 187 hydropower plants with a total capacity of 6.3GW and a flagship 108MW onshore wind farm.

Romania is seen as likely second-wave offshore wind play in Europe, with the country having the most developed draft legislation to support the induistry among other Black Sea littoral nations.