Austrian investment group Inteco Beteiligungs GmbH has signed a deal with Germanys RE-Pro Renewable Energy Provider for the development of renewable energy projects in Europe with a total capacity of up to 135 MW, including the construction of PV parks in southern Europe.
Owned by Russian businesswoman Yelena Baturina, wife of former Moscow Mayor Yury Luzhkov, Vienna-based Inteco plans to invest 10 million ($13.66 million) to develop the projects with RE-Pro that will generate, use and market renewable energy in Europe," the company said in statement, adding that the amount may be doubled in the course of the projects implementation.
The companies' first major projects include the construction and commercial operation of PV parks in Southern and Southeastern Europe. Inteco and RE-Pro have already acquired a solar park in Italy that is has been completed and already in operation.
The companies said solar parks could be constructed solely for a specific enterprise to supply it with the necessary power and that any excess energy produced could be sold.
Baturina, who has transferred her business interests to Europe and the United States, said her group was currently "evaluating various proposals in order to expand capacities, for example through acquisition of new sites. Our plans are to reach the total capacity of 135 MW." She added that developing renewable energy projects was "promising not only in terms of economic viability, but as an answer to multiple environmental issues."
Heinrich Blank, Inteco's director of development, said, "It is hard to underestimate the importance of developing renewable energy sources in the present economic and environmental situation. We employ the most innovative technologies that allow receiving maximum energy with minimal interference, and I am pleased to say that our new endeavor has great development prospects."