Sector News

Oil group Cepsa increases renewables focus with Masdar JV

January 21, 2020
Chemical Value Chain

Spanish oil & gas group Cepsa has established a 50-50 joint venture (JV) with Abu Dhabi-based Masdar to develop wind and solar projects in Spain and Portugal.

The new JV, Cepsa Masdar Renovables, will have an initial target of 500-600MW of projects.

“As a global energy company, we are building a diversified business portfolio,” said Philippe Boisseau, chief executive of Cepsa, Europe’s largest privately-owned integrated oil & gas company. “Renewable energy is one of the fundamental pillars of the energy transition and one of the fields in which we want to expand our presence. The alliance with Masdar represents an important lever for our growth in this sector, focused on Spain and Portugal.”

Cepsa, which works in every stage of the oil & gas value chain, including exploration, production and refining, currently operates a single 28.8MW wind farm in Cadiz, Spain.

The group is jointly owned by the Abu Dhabi government vehicle Mubadala Investment Company, and global investment firm The Carlyle Group. Mubadala is also the 100% owner of Masdar, one of the world’s leading renewables developers.

“The Iberian Peninsula is an attractive location for renewable-energy investors and we look forward to expanding our renewable-energy portfolio further into the region, while strengthening our partnership with Cepsa,” said Masdar chief executive Mohamed Jameel Al Ramahi.

Masdar also established two other JVs during Abu Dhabi Sustainability Week last week.

One is with Egypt’s leading renewables developer Infinity Energy, to develop utility-scale and distributed solar and wind projects in Egypt and elsewhere in Africa.

The other, with French power giant EDF, is dedicated to energy efficiency and distributed solar projects. In particular, this partnership will help Abu Dhabi meet its energy-efficiency target of reducing overall electricity consumption in the emirate by 22% by 2030.

As Masdar chief executive Mohamed Jameel Al Ramahi told Recharge last week at Abu Dhabi Sustainability Week: “Everything we do is with partners, we don’t like to do anything on our own.”

By Leigh Collins

Source: ReCharge

Related News

October 17, 2020

Evonik and Siemens test plant to produce chemicals from carbon dioxide

Chemical Value Chain

Evonik and Siemens have commissioned a pilot plant that uses microorganisms to convert water and carbon dioxide into specialty chemicals. The pilot plant has been built at Evonik’s site in […]

October 17, 2020

Wearable IT devices – Dyeing process gives textiles electronic properties

Chemical Value Chain

Whether in fitness, medicine or in the entertainment industry, IT devices worn on the body, such as smart watches, are becoming increasingly popular. Such wearables benefit from the input device […]

October 17, 2020

New recycling facility in Europe will recycle plastic repeatedly

Chemical Value Chain

Technology company Loop Industries and environmental services company SUEZ have announced that they will build a recycling facility in Europe using Loop’s technology which can recycle plastic repeatedly without quality […]