China's Shenhua buys majority stake in 4 Greek wind farms
Signing of the trilateral agreement. Photo by: COPELOUZOS GROUP (www.copelouzos.gr).
Chinese coal miner and power producer Shenhua Group Corporation Ltd has purchased a 75% stake in four wind farms in Greece developed by Copelouzos Group, and plans to buy more of the Greek infrastructure company’s assets.
The deal was carried out as part of an earlier development agreement between the two parties, Copelouzos said on Thursday. The four wind farms included in the agreement are either operational or under construction.
The Chinese company has also signed a memorandum of understanding (MOU) to take part in PPC Solar Solutions, a joint company of Greek electric utility Public Power Corp SA (PPC) and Copelouzos.
Copelouzos and Shenhua agreed in May to partner on projects in the green energy sector and the upgrade of power plants in Greece and neighbouring countries. The deal involves a total investment of EUR-3-billion (USD 3.5bn), the Greek firm said.
Veselina Petrova is one of Renewables Now's most experienced green energy writers. For several years she has been keeping track of game-changing events both large and small projects and across the globe.