Since 2000, Electrawinds has installed seven wind energy projects and has plans for a further ten wind energy projects across a number of European countries including Belgium, France, Italy, Portugal, Romania, Bulgaria, Greece, Poland and Hungary.  Electrawinds was one of the founding members of Eldepasco, which was established to build 36 offshore wind farms.  3i’s investment will allow Electrawinds to construct and develop additional wind and biomass projects across Europe.

The company currently has branches in Portugal, Greece, Romania, Bulgaria and Africa and today’s investment will allow these activities to be expanded.  Over the coming year, Electrawinds is planning to invest a further €100m in renewable energy projects.  Electrawinds is aiming for turnover of €22.8m in 2006, €50m in 2007 and €100m in 2008.

Mark Kerr, director of 3i’s Oil, Gas & Power team, said, ‘Last year we indicated our commitment to invest in the gas and power sectors, and this investment in Electrawinds, following on from our earlier investments in wind farm company Gamesa, and Vijai Electricals, serves to reinforce that commitment.’ The worldwide market for renewable energy is estimated at $100bn pa and has been growing at 30% pa over the last five years.  This growth is driven by concerns over global warming and carbon emissions, the impact of high oil prices and the desire to diversify supply sources and reduce dependence on imported fossil fuels.

MJ Information No: 22720