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Poland’s PEP eyes 700MW in wind farms by 2012
Poland’s listed clean energy producer Polish Energy Partners (PEP) PEPP.WA plans to have 700 MW in wind farms by 2012, the firm’s chief executive told Reuters in an interview.
Stakes at two of the four planned wind farms will be sold to other investors in order to finance further expansion, said Zbigniew Prokopowicz.
“We are planning four wind farms, two of them we will sell. Funds received will be used to build new, fully controlled, plants,” Prokopowicz said.
Poland, which generates nearly 95 percent of its energy from coal, has to increase its share of power generated from renewable sources to 20 percent by 2020 under targets agreed by the European Union for the whole 27-nation bloc.
At present only 0.3 percent of Poland’s energy is generated from sources other than coal, natural gas or water.
PEP, which is considering issuing new shares in the second half of 2008 to finance its investment needs, wants to expand in the region, especially in Bulgaria.
“We are looking at Bulgaria as a potential place for investments in wind and solar farms. We will try to seek local partners,” Prokopowicz said.
PEP shares dropped over 27 percent this year to 26.50 zlotys. (Writing by Patryk Wasilewski)
By Piotr Bujnicki
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