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Irish company announces investment in Portugal
• 26 Apr 2007 •
 IRISH renewable energy company Airtricity, announced its plans to start operations in the renewable energy sector in Portugal with the establishment of a joint venture to develop wind farms in Portugal, resulting in an investment worth up to 800 million euros over the next two-three years.
The joint venture with local renewable energy company, Enerbaça Energias Renovaveis, is to develop wind farms, which will produce 400MW-600MW, in a region of northern Portugal, which, to date has not benefited from the development of many wind farms.
Airtricity already has wind farms operating across Ireland, the UK and the USA, which generate over 500MW of power, reducing CO2 emission by more than one million tonnes per annum, which is the equivalent of removing over 300,000 cars from the road every year.
Commenting on the project, Eddie O’Connor, Airtricity’s CEO, said: “We look forward to developing onshore wind farms with partners and companies to create alternative energy sources for Continental Europe. Today marks the first phase of our strategy to develop similar joint ventures across Europe and is a clear sign of Airtricity’s commitment to delivering sustainable energy to countries in the European Continent.”
Speaking at the official launch of the partnership in Portugal, Airtricity’s Chief Operations Officer, Paul Dowling, added: “We are delighted to be working in partnership with Enerbaça Energias Renovaveis, and see this as a clear demonstration of the increasing economic links between Portugal and Ireland, at a very important time given Portugal’s target of 45 per cent of energy consumption from renewable sources by 2010.”
Luis Manuel Pinho de Sousa Barros, Director of Enerbaça Energias Renovaveis, said: “This is an excellent example of where a joint venture between a major international developer such as Airtricity, allied with the expertise of a local renewable development company, can help develop a sustainable renewable energy source in Portugal. It will bring economic development to a region which has not experienced the same amount of inward investment as other regions in Portugal and will assist Portugal in meeting its renewable energy targets.” |  Return to Top
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