Renovatio Group subsidiary to inject EUR 250m in wind power in Poland

(ADPnews) - Mar 8, 2010 - Renovatio Power Polska, a Polish subsidiary of Cyprus-based Renovatio Group, said today that it will pour over EUR 250 million (USD 341m) in a number of wind power projects by 2015.

The company will focus not only on the construction of new facilities, but also on the acquisition of projects at different stages of development. The long-term strategy will be financed with Renovatio Power's own resources as well as funding provided by renewables-focused investment firms.

Established in 2009, the Polish venture has already drawn plans for the implementation of the first 100 MW. The projects for 400 MW will be prepared over the next three years, the member of the company's board Michal Moczkowski said.

Taking into consideration the forthcoming amendment of the country's Energy Law, Moczkowski noted that Renovatio Power Polska will cooperate with local small-scale wind farm developers, as the new rules will lift investment barriers of renewable power projects as of March 11, 2010.

(EUR 1.0 = USD 1.364)

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