Spanish energy group Cepsa and Abu Dhabi Future Energy Company, known as Masdar, have joined hands to develop renewable energy projects, with a focus of wind and solar.
The partners, both part of the Mubadala Investment Company, have signed a memorandum of understanding (MOU) that is seen to help them expand their presence on the international renewable energy market, Cepsa said in a press release on Thursday. Initially, they will search for development opportunities in the regions in which they already operate, including Spain, the Middle East, North Africa, Latin America and Europe.
Under the collaboration, the parties will combine Cepsa’s technical experience in operations and execution of industrial projects in regions like Algeria and Latin America with Masdar’s experience in the renewable energy sector in the Middle East, the UK and other markets. According to the press release, the partnership is "a reflection of the constant search for synergies among businesses of the Mubadala Investment Company."
Cepsa is currently involved in the exploration, production and marketing of crude oil and natural gas, as well as petrochemicals. It has three refienries in Spain.
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