Under the terms of the agreement, Airtricity will own 60% of the joint venture partnership and Entropya will own 40%.
The joint venture company will be based in Lecce in Puglia, southern Italy, and will develop a portfolio of wind farm sites across Puglia, Basilicata, Calabria and Sicily. It has a development pipeline in excess of 2,000MW at various stages in the authorization process.
In March 2008, Scottish and Southern Energy (SSE) said it expected to invest a total of approximately GBP500 million in renewable energy on an equity basis in new markets over the next five years. The joint venture with Entropya follows the joint venture Airtricity signed with Swedish wind farm developer Gothia Vind in April 2008.
Paul Dowling, CEO of Airtricity, said: This deal with Entropya marks the start of our development in Italy, one of the most attractive renewable energy markets in Europe.
