Romanian hydropower group Hidroelectrica got shareholders' approval for "the conclusion of a joint ventures agreement" with Abu Dhabi Future Energy Company – Masdar.

The contract was concluded "for the purpose of developing, investing, building and operating renewable energy projects in Romania," Hidroelectrica announced, quoted by Economica.net.

The first information about a potential collaboration between the Romanian and Emirati companies appeared last autumn when the minister of energy attended an event in the area.

Masdar is controlled by the Emirates sovereign wealth fund, Mubadala, which also holds stakes in Austrian group OMV, the majority shareholder of OMV Petrom.

Created in 2006 to develop renewable energy projects, Masdar has invested in renewable capacities with a value of more than USD 20 bln globally, with an installed capacity of nearly 15,000 MW, in operation and development, according to company data.

iulian@romania-insider.com

(Photo source: Facebook/Hidroelectrica)