Global energy company Compañía Española de Petróleos, S.A.U. (Cepsa) has joined forces with Abu Dhabi company Masdar to expand both company’s international presence in the global renewable energy market.
Cepsa and Masdar have signed a Memorandum of Understanding to explore renewable energy collaboration, especially with regard to wind and solar projects. The collaboration between the two companies is a reflection of the search for synergies among businesses of the Mubadala Investment Company, which has invested in both Cepsa and Masdar.
The aim now is to drive the development of projects in locations such as Spain, the Middle East, North Africa, Latin America, Europe, and other regions.
The agreement was announced 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.
Cepsa recently ordered wind turbines from Siemens Gamesa for a new wind farm in Andalusia.