ABU DHABI, UAE, January 18, 2018 /PRNewswire/ --
- Both companies have complementary expertise to work together in developing projects in Spain, the Middle East, North Africa, Latin America and Europe
- The collaboration reflects the constant search for synergies among Mubadala group businesses
- The agreement highlights Cepsa's diversified energy model and long-term strategy
- Masdar has an established presence in the Middle East and European renewables sectors and this agreement highlights its ambition to continue expanding its geographical footprint
Cepsa, a global energy company with more than 85 years' experience, and Masdar, Abu Dhabi Future Energy Company, an international leader in renewables and sustainable urban development, have signed a Memorandum of Understanding (MOU) to explore renewable energy project collaboration, especially wind and solar. Cepsa and Masdar aim to expand their international presence in the renewable energy market through the signing of this agreement.
The collaboration between Cepsa and Masdar is a reflection of the constant search for synergies among businesses of the Mubadala Investment Company. The combination of Cepsa's technical excellence in operations and execution of industrial projects in places like Algeria and Latin America, coupled with Masdar's experience in renewable energies in the Middle East, the United Kingdom and other markets, will help drive the development of projects in strategic countries for both companies.
Cepsa and Masdar plan to explore opportunities in the locations where they already operate or can easily access, such as Spain, the Middle East, North Africa, Latin America, Europe, and other regions.
The agreement was announced today 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.