BUCHAREST (Romania), October 24 (SeeNews) - Romanian majority state-owned hydro power producer Hidroelectrica said it has signed a memorandum of cooperation with Austrian utility Verbund Hydro Power.
The two companies will cooperate in the joint development of projects and the implementation of design, construction and equipment solutions based on the latest technologies in the energy field, Hidroelectrica said in a statement on Tuesday.
The MoU also provides for transfer of information and know-how between the two companies, optimization of maintenance and repair activities, as well as finding innovative solutions for the implementation of EU's environmental protection directives.
"Two very powerful companies have decided to share know-how resources and team work to identify and subsequently implement viable development projects. We see in the cooperation with Verbund Hydro Power a real opportunity, from which both companies will surely benefit," Bogdan Badea, chairman of Hidroelectrica’s management board, said in the statement.
Hidroelectrica's net profit rose by an annual 34% to 962 million lei ($240 million/207 million euro) in the first half of 2018.
Verbund is one of Europe's largest hydro power producers.
(1 euro=4.6590 lei)