Hidroelectrica, UAE's Masdar to collaborate in renewables

The decision was made during a working visit to the United Arab Emirates conducted during April 17 - 19 by a Romanian delegation comprising government officials and presidents of several state-owned companies, including Hidroelectrica president Karoly Borbely, the company said in a filing to the Bucharest Stock Exchange.

The companies have proposed the development of renewables projects in Romania with a planned cumulative capacity of 2,000 MW for this exclusive collaboration period, which are to be approved by Hidroelectrica's board of directors. The period of technological exclusivity may be extended for three years, should the two companies choose so, and the JV may explore business opportunities in other technologies, such as onshore and offshore wind, or in other geographical areas, outside Romania, Hidrolectrica said.

The two companies signed the initial agreement to set up a JV in March 2023.

Controlled by the Abu Dhabi National Oil Company, Masdar has a portfolio of renewable projects in operation or under development of nearly 15,000 MW, following investments of more than $20 billion (18.8 million euro) globally.

Hidroelectrica booked a consolidated net profit of 6.337 billion lei ($1.357 billion/1.273 billion euro) in 2023, up by an annual 42%, on a revenue of 12.244 billion lei, it said in February.

The Romanian state holds an 80.06% stake in Hidroelectrica, while the remainder is in free float on the BVB, according to bourse data.

Hidroelectrica's shares traded 0.08% lower as at 131.9 lei as at 1512 CET on Friday on the Bucharest bourse.

(1 euro=4.9764 lei)