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EuroTrust unit in deal to develop nine wind farm projects in Italy

LONDON (Thomson Financial) – EuroTrust A/S said its unit has entered into an agreement with Italian wind farm developer RE Wind Srl to jointly develop nine wind farm projects in Tuscany, Calabria, Puglia and Sicily.

The wind energy and property development company said the projects total 683 megawatts, of which it will own 171 megawatts, adding this increases its project pipeline in Italy to 392 megawatts.

The company’s 50.25 pct unit European Wind Farms A/S will cover the costs of development of the projects and finance the wind turbine construction and installation, in return for 50 pct of the project rights.

It will also be repaid RE Wind’s 50 pct share of the project financing from the income of the portfolio when operational.

The company said the projects are in advanced stages of the permit process with work on the first projects expected to begin in the fiscal year 2008/9.

EuroTrust also said it has terminated development work on a Bulgarian wind farm project due to unsatisfactory project economics.

Chief executive Bo Kristensen said: ‘Prospects in the Bulgarian market remain good though we expect some changes to the exact make-up of the pipeline as due diligence work is rigorously pursued.’