Cretan Plastics SA plans to submit application for a 2MW photovoltaic park in Crete.
Cretan Plastics has already invested EUR12 million and operates a 12MW wind farm in Crete and plans to proceed with the photovoltaic investment in the Lasithi area.
The photovoltaic plant’s cost is seen at EUR11 million and when it is completed it is expected to generate a steady income from the sale of electricity to the island’s grid.
The government last summer introduced a new RES law offering substantial incentives to companies to undertake wind and pv investments.
The company expects the 2006 revenues to increase by 10%, reaching EUR100-192 million while pre-tax profits seen falling to EUR10 million versus EUR12.3 million last year. The fall is due to the higher cost of the raw materials.