From April 17th to 19th, 2024, Hidroelectrica participated in a visit to the United Arab Emirates alongside a Romanian government delegation. During this visit, Hidroelectrica and Masdar agreed to expand the scope of their Joint Venture Company (JVC) to include onshore and floating photovoltaic solar projects, as well as battery energy storage systems, under technological exclusivity for 3 years. This collaboration can be extended for an additional 3 years if certain investment criteria are met. Both parties also agreed to explore opportunities in other technologies or geographic areas through the JVC. 

The agreement is subject to internal approvals from both companies. Hidroelectrica previously signed an agreement with Masdar in March 2023 for renewable energy projects in Romania. Masdar, a subsidiary of the Abu Dhabi National Oil Company, is a global leader in renewable energy investments. Hidroelectrica, Romania's largest green energy producer, operates 187 hydroelectric plants and owns a wind farm in Crucea, with a significant market share in supply.