Global energy firm Cepsa and Abu Dhabi-based Masdar have signed an agreement to collaborate in the development of renewable energy projects.

The two companies – both owned by UAE-based wealth fund Mubadala Investment Company – said that the agreement would focus largely on wind and solar energy developments, and would enable both companies to expand their international presence.

“Our objective is to grow internationally in the renewables market to continue to diversify our energy sources and respond to the energy needs of every reality,” said Juan Manuel García-Horrillo, Director of Cepsa’s Gas and Power business. “What better way of doing so than hand-in-hand with experts and leaders in the sector, and with the support of our shareholder? We are sure that this agreement will lead to interesting projects for both companies.”

Masdar said that its expertise as a global renewable energy developer and Cepsa’s expertise and international presence in the oil & gas industry would create “an ideal synergy” for the deployment of renewable energy in international markets.

Cepsa acquired the rights to develop its first wind farm in Spain’s Cadiz province in 2017. The agreement with Masdar is in line with the company’s strategy to gain access to fast-growing markets in the renewable energy sector, and gain new capabilities and skills.

Mubadala said that the agreement was “a reflection of the constant search for synergies” in its business portfolio.