Power company RF Energy plans to invest 250 million euros ($394.3 million) by 2010, expanding its business to meet growing demand for alternative energy in Greece, a senior executive said yesterday. Greece liberalized its energy market last year, making it easier for smaller companies to challenge entrenched power utility Public Power Corporation.
RF, the power subsidiary of wholesaler FG Europe, currently has 17.6 megawatts’ capacity with a wind park and small hydroelectric plant in the south of the country. It wants to increase this more than 20-fold over three years.
“For the medium- and long-term RF is aiming for a total capacity of 428.5 MW by 2010,” general manager Ioannis Pantousis told Reuters in an interview. “In the short term RF has two projects under construction for a total of 11 MW.” “(We have) a goal to invest 250 million euros... allocated to own project development as well as mergers and acquisitions. RF intends to expand abroad... mainly in the Balkan region,” he said.
Greece currently generates less than 5 percent of its power from renewable energy sources.
(KATHIMERINI, 07/12-13/2008)