Deutsche Bank, Greek Alpha Grissin Eye Renewable Energy Projects in Bulgaria, Greece

Deutsche Bank and Greek technology company Alpha Grissin Infotech will form a joint venture to develop renewable energy projects in Bulgaria and Greece, the Greek company said on Friday.

Alpha Grissin and Deutsche Bank will form a 20:80 joint venture that would build wind farms and solar parks in Greece and neighbouring Bulgaria, Alpha Grissin said in a statement to the Athens Stock Exchange.

The joint venture, which plans to invest some 190 million euro ($272.9 million) in budiling four wind farms in Greece, is studying possible sites for wind farms and solar park developments in Bulgaria, Alpha Grissin said.

The development of alternative energy resources in Bulgaria has gained momentum since the early closure of two reactors at the country's sole nuclear power plant on December 31, 2006, under pressure from the European Union. The country, which joined the EU in January, has to cover 11% of its gross domestic energy consumption by renewable energy sources by 2010, compared to about one percent in 2005, in order to comply with EU directives.

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