Spanish energy company Cepsa and Abu Dhabi outfit Masdar have signed a partnership agreement to pave the way for developing up to 600MW of new renewables capacity in Europe.
The agreement cements an earlier memorandum of understanding between the pair and was signed during Abu Dhabi Sustainability Week.
Cespa and Masdar will target wind and solar projects in Spain and Portugal over the next five years.
Both companies are owned by the Mubadala Investment Company.
Cepsa chief executive Pedro Miro said: “After the initial phase of screening market access opportunities in several geographies, we have agreed Iberia to be the initial focus for our joint growth strategy.
“This step will allow us to combine synergies and expertise in one of the leading renewable markets in the world.”
Masdar chief executive Mohamed Jameel Al Ramahi added: “Masdar has a long-standing presence and growing portfolio of renewable energy projects in Europe.
“We’re delighted to see our collaboration with Cepsa gather momentum and look forward to pooling our expertise and project development track record to explore further commercial opportunities in the Iberian Peninsula in both solar and wind.”