China’s Shenhua Group has acquired a 75 percent stake in four wind parks developed by Copelouzos, the Greek developer said.
China’s top coal miner and one of its largest power producers in May agreed with Copelouzos to team up on green energy projects and the upgrade of power plants in Greece and other countries.
The work will involve a total investment of 3 billion euros ($3.49 billion), Copelouzos has said.
“This is the first investment of a Chinese company in wind parks in Greece,” it said in a statement on Thursday.
Shenhua Group acquired the 75 percent stake via its subsidiary Shenhua Renewable Co..
The two groups plan to cooperate on more wind parks in the future, Copelouzos said.
Shenhua also agreed to take part in PPC Solar Solutions, a joint venture between Greek utility Public Power Corp and Copelouzos.
China has been investing in Greece since 2009 when it first agreed to invest in Piraeus Port, the country’s biggest harbour.
Its collaboration agreement with Copelouzos coincided with a visit to Beijing in May by Greek Prime Minister Alexis Tsipras.
Tsipras hopes that investments will help Greece, which relies on EU funding, stand on its own feet when its third rescue programme expires next year.
China’s biggest shipping company, COSCO Shipping , bought a majority stake in Piraeus Port last year.
It plans to turn Greece into a trans=shipment hub for trade between Asia and Eastern Europe.
China State Grid last year agreed to buy a 24 percent stake in power grid operator ADMIE for 320 million euros.
Source: Reuters
