EnergyWatch

Chinese coal major acquires Greek wind turbines

State-owned Chinese Shenhua will take over the majority of the shares in four Greek wind farms and team up with the developer for new renewable energy projects in wind and solar.

Photo: ritzau/Arkiv/Niels Hougaard

One of the world's largest energy companies and coal producers, China's Shenhua, has announced an acquisition which falls outside of the company's usual geographic and technological domain. A subsidiary of Shenhua has decided to buy 75 percent of the shares in four wind farms, on which Greek developer Copelouzos owns the rights, states Copelouzus Group.

The deal is worth EUR 3 billion and also means that the two companies expect to cooperate on renewable energy projects in wind and solar going forward. Furthermore, the partnership is expected to result in several upgrades of existing power plants aimed at environmental improvements.

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