January 16 (Renewables Now) - Spanish energy group Cepsa and Abu Dhabi Future Energy Company, known as Masdar, have signed a partnership agreement to boost the renewables portfolios of both companies in the Iberian Peninsula.
Under the agreement, both companies, which are part of the Mubadala Investment Company, will seek to grow their wind and photovoltaic (PV) assets in Spain and Portugal. Cepsa alone is interested in developing 500 MW to 600 MW of green capacity there in the next five years.
This agreement aligns with the Spanish firm’s long-term strategy outlined in its Energy Outlook 2030 report. Cepsa is currently executing the 29-MW Jerez de la Frontera wind project in Spain’s southern province of Cadiz. The park is expected to be completed in the first quarter of 2019.
On its part, Masdar has a presence in more than 25 countries, with 4 GW of green capacity in either fully operational or under development plants.