March 21 (SeeNews) - Romanian majority state-owned hydro power producer Hidroelectrica said on Tuesday that it will invest in off-shore wind farms and floating solar parks in Romania jointly with Masdar, a developer and operator of renewable energy projects based in the United Arab Emirates.
The two companies have signed a joint venture agreement in Abu Dhabi for the purpose, Hidroelectrica said in a press release.
"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," said Bogdan Badea, chairman of Hidroelectrica’s management board.
The value of potential investments was not disclosed.
Last week, Hidroelectrica announced that 80.06% of its shareholders approved the joint venture agreement with Masdar.
Masdar’s shareholders are the UAE’s sovereign wealth fund Mubadala Investment Company, the Abu Dhabi National Oil Company (ADNOC) and the Abu Dhabi National Energy Company PJSC (TAQA).
The Romanian state holds a stake of 80.06% in Hidroelectrica, while the remaining 19.94% is owned by local property restitution fund Fondul Proprietatea [BSE:FP].
Blue-chip Fondul Proprietatea's shares traded 0.48% higher at 2.1 lei ($0.45/0.42 euro) as of 1106 CET on Tuesday on the Bucharest Stock Exchange.
(1 euro=4.92131 lei)