Russian businesswoman to pour EUR 10m in renewables JV

Jun 30, 2014 - An Austrian firm owned by Russian businesswoman Yelena Baturina will invest at least EUR 10 million (USD 13.6m) in a new renewable energy joint venture, the goal of which is to reach 135 MW of total capacity.

The Austrian company, called Inteco Beteiligungs GmbH, said in a press release on Friday it had agreed with German firm RE-Pro Renewable Energy Provider KGaA to jointly purchase and develop solar projects in southern and southeastern Europe. Baturina may double her JV investment at a later stage, Inteco noted.

The JV has already bought a fully-equipped, operating solar farm in Italy. Details about this transaction or the facility itself were not provided.

Inteco noted it expects this joint initiative to be profitable for the company.

(EUR 1.0 = USD 1.365)

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