EuroEnergy announces the formation of a JV agreement and its entry into the Greek wind sector

22 Apr 2009

EuroEnergy, the European renewable energy subsidiary of the Libra Group, has announced a new JV deal for the development of an expanded portfolio of wind farm assets in Greece with a projected total capacity of approximately 150MW. The first two parks in the north of the country currently have a combined capacity of 50.6MW. Wind measuring studies have been completed and they are now in the licensing stage. A third park of around 30MW is also in the planning and licensing stage.

Wind farms are a new and major focus of development for the alternative energy industry. Thanks to advances in technology and engineering improvements, there are consistently improving in both performance and efficiency. In the long term, they hold great potential as a reliable and effective form of power generation for national grid applications and the achievement of bringing the contribution of renewable energy sources to 20% of all power produced.

“This deal achieves a major strategic milestone for EuroEnergy, i.e. our entry into the wind energy sector. These parks are in prime sites in Greece and will make a valuable addition to our portfolio as well as the growing renewable energy market in Greece which is emerging with a number of best practice examples,” comments Christos Reveliotis, CEO of EuroEnergy. “Wind is a particularly clean source of alternative power and is one to watch for the whole industry worldwide; it is one of the fastest growing technologies currently on the market.”

EuroEnergy currently has one of the largest portfolio of solar projects in Greece, comprising six licenses totalling 25MW, and is committed to increasing its presence and investments in the Greek Renewable energy market and contribute to the growth of the Greek economy.

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