The decision was made at the general meeting of Hidroelectrica shareholders, where the Romanian State, which holds 80% of the company, voted in favor of this joint venture.
Headquartered in Abu Dhabi, Masdar is one of the world’s leading renewable energy companies, at the forefront of the global energy transition. Currently, Masdar is active in more than 40 countries on six continents and has invested or committed to invest in projects with a combined value of over $30 billion, with a total capacity of over 20 gigawatts (GW), capable of offsetting 30 million tons of CO2 emissions annually.
“With our growing legacy in terms of supplying renewable energy and our new green hydrogen business unit, Masdar plays a key role in the UAE’s transition to a sustainable knowledge-based economy, extending its leadership in the energy field of the UAE and supporting the global campaign to reach the net zero goal”, according to a presentation by Masdar.
In December 2022, Abu Dhabi National Energy Company PJSC (TAQA) and Abu Dhabi National Oil Company (ADNOC) joined Mubadala Investment Company (Mubadala) as shareholders in Masdar.
“We have helped deliver pioneering projects that have redefined what can be achieved, such as Hywind Scotland, the world’s first floating offshore wind farm, and the Sharjah Waste to Energy Plant, the first commercial-scale facility of its kind in the Middle East “.
Hidroelectrica, the largest energy producer in Romania and the most anticipated listing on the Bucharest Stock Exchange, ended 2022 with revenues of RON9.1 billion, up 40% on the year, and a net profit of RON4 billion, up 32.7% on the year, according to a report from its minority shareholder, Fondul Proprietatea.
“According to the company’s management, in 2022, at the individual level, Hidroelectrica SA recorded an additional income tax of RON557.1 million, as compared to RON113.2 million in 2021, and treated water costs of RON451.0 million, lower by 16.5% compared to the level recorded in 2021, as a result of a lower volume of electricity produced”, according to FP.
At the end of December 2022, the company’s liquidity was RON4.13 billion. “On the same date, the value of total interest-bearing debts was RON498.4 million, compared to RON579.3 million at the end of December 2021. During the period, cash flows from operational activity stood at RON4,511.7 million as compared to RON3,952.9 million in 2021. The company’s investments in 2022 were RON194.1 million, as compared to RON829.3 million in 2021 (of which RON635.2 million related to the acquisition of the Crucea wind farm)”.
The company sold electricity of 14.33TWH, down 16% on the year, but the average sale price higher by 65% at RON560/MWH, brought historic results.