March 19 (Renewables Now) - Greek renewable power producer Terna Energy SA (ATH:TENERGY) plans to allocate more than EUR 550 million (USD 597.1m) for clean energy projects, including 400 MW of new wind farms.
The company will embark on the new plan with the construction of over 180 MW of wind parks, gradually expanding the capacity to a target of 400 MW.
The overall investment in the proposed wind projects stands at EUR 550 million, Terna Energy said earlier this week. It noted the initiative adds to the previously announced EUR-1-billion programme for deploying more wind power capacity at home and developing environmental and energy storage projects.
The Greek firm will shortly start building new wind farms in Euboea, the second-largest Greek island. Those projects are part of a 270 MW portfolio of fully or partially licensed projects that it secured through the acquisition of Greek-based RF Omalies SA.
Terna Energy previously set a goal of having 2,000 MW of operating renewable energy assets in Greece and abroad in 2025. It now expects to fulfil this objective "much earlier" than planned. The company already has 1,390 MW of installed capacity in Europe, mostly in Greece, and the US.
(EUR 1.0 = 1.086)