<p>Endesa said that the move was part of its strategy to expand its footprint in the Mediterranean area. The new company will have a well-balanced mix between thermal and renewable power generation and according to Endesa, will have a large independent portfolio in the pipeline. <br /><br />Endesa will have a 50.01% stake in the joint venture, while Mytilineos will contribute its entire thermal and renewable energy assets and licenses. The contribution of the assets is expected to start immediately and to be completed 12 months from now.<br /><br />The scope of the new company includes the construction and operation of thermal power stations and renewables such as hydro and photovoltaic generation, as well as electricity and CO2 emissions trading. Gradual retail penetration is also foreseen after the opening up of EU markets in July 2007.<br /><br />The asset base of the new venture will include a 430MW natural gas-fired power plant due to be completed in June 2009 and a portfolio of more than 1000MW of renewable projects, with additional opportunities including a 310MW trading license, additional natural gas-fired power plants license and international coal fired power plants.</p>
