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CIG: Spain’s Iberdrola gets rights to move ahead with 1.5 GW renewable energy project in Romania.

Spanish renewable energy giant takes another step towards becoming a European powerhouse in the sector.

FOR IMMEDIATE RELEASE

PRLog (Press Release) - Apr 20, 2010 -
CIG has learned that Spain’s leading renewable energy firm Iberdrola has been granted the rights to move forward with a 1.5GW project in Romania’s nascent wind energy sector.

Iberdrola Renovables, the renewable energy arm of the firm was recently granted a connection license by the Romanian grid operator Transelectrica which effectively clears the way for the company to erect up to 50 small wind farms under the nations Dobruja Project.

The deal further highlights Romania’s suitability to emerge as top wind energy market in the Easter European sector as the country boasts some of the best wind resources in the region and the government actively supports development in the renewable energy sector, CIG has learned.

Due, however, to issues regarding grid access the Romanian market has until now seen little growth. Figures released by the European Wind Energy Association reveal that Romania had a mere 14 MW of installed wind energy capacity at the close of 2009 of which only 3 MW was installed during last year.

CIG sources report that after considerable investment into the nation’s grid and the new connection license it is now possible for Iberdrola to begin work on the Dobruja project.

The Dobruja project is a key development by a coalition of companies including Eolica Dobrogea, a firm owned by Swiss engineering group NEK as well as Romanian operators C-Tech and Rokura.

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CIG is an exclusive, members only, offshore, private equity, investment firm that provides consulting services to like minded members of the private equity and alternative investment community.

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Source:CIG LLC
City/Town:Manhattan
State/Province:New York
Country:United States
Industry:Business, Environment, Finance
Tags:, , , , , ,
Last Updated:Apr 20, 2010
Shortcut:http://prlog.org/10637753
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