14 December 2006 — European private equity and venture capital company 3i has announced that it is investing €30 million for a minority stake in Electrawinds, Belgium’s independent renewable energy company.
Electrawinds, which operates in Belgium and Italy, currently has 45 MW of installed capacity in wind and biomass energy. Since its formation in 1998, Electrawinds has invested a total of €100 million in renewable energy projects. The company has plans to add a further 400 MW of energy generation. 3i’s investment will allow Electrawinds to construct and develop additional wind and biomass projects across Europe.
The company currently has branches in Portugal, Greece, Romania, Bulgaria and Africa and 3i’s investment is intended to expand these activities. Over the coming year, Electrawinds is planning to invest a further €100 million in renewable energy projects. Electrawinds is aiming for turnover of €22.8 million in 2006, €50 million in 2007 and €100 million in 2008.