Italy's biggest utility Enel (ENEI.MI: Quote, Profile, Research) said on Monday it would participate in wind power generation projects in Greece worth up to 1,400 megawatts as it aims to boost renewable energy output and expand in Greece.
Enel said in a statement it has signed an agreement with Greek Damco Energy of the Copelouzos Group and International Constructional of Samaras group to participate in a pipeline of wind projects by acquiring a 30 percent stake in the partnership.
Enel will have the right to raise its stake up to 80 percent, the company said without disclosing the value of the deal.
Under the agreement, Enel will also have an option to participate to the development of additional 180 MW in Bulgaria.
Enel is the third-largest renewable energy operator in Greece with 91.3 MW of installed capacity and 36.1 MW under construction, which will be on stream by the end of this year.
"The further expansion of Enel's position in Greece is in line with the group's global strategy in the renewable energy as well as with its position as the largest non-incumbent energy player in south-eastern Europe," Enel said in the statement.
