Spain’s Iberdrola has signed an agreement to acquire 49.9% of Rokas, the leading Greek wind energy producer, for up to euro 85 million. Iberdrola, is the first international producer to enter the Greek wind market through partnership with a domestic producer, while Rokas commands 40% of the country’s wind energy sector with 190 MW of installed capacity at seven sites, notably on the island of Evia and in the northeast region of Thrace.

The deal with Iberdrola, agreed in two stages, calls for the Spanish group to pay euros 31.5 million for an initial 21% stake, priced at euros 7.30 per share. Iberdrola would buy a further 28.9% by 2009, at a price of up to euros 9 per share.

Before the alliance, Rokas planned to add a further 400 MW of installed capacity by 2009 at a cost of up to euros 400 million. Now, an extra 200 MW may be developed over the same period. Rokas is also measuring wind speeds and fluctuations at sites in Bulgaria and Romania and the Black Sea region is seen as having significant potential.

Greek wind producers benefit from subsidies that cover up to 40% of capital investment and which offer guaranteed prices averaging 90% of domestic tariffs.