China's Shenhua buys 75 pct stake in four Greek wind parks (updated)

Piraeus Port Authority SA

02/11/2017 11:39

* Part of wider pact between Shenhua, Copelouzos 
    * To cooperate further on wind parks -Copelouzos 
    * Shenhua to take part in PPC Solar Solutions joint venture 
 
 (Adds details, quotes) 
    ATHENS, Nov 2 (Reuters) - China's Shenhua Group  SHGRP.UL  
has acquired a 75 percent stake in four wind parks developed by 
Copelouzos, the Greek developer said.  
    China's top coal miner and one of its largest power 
producers in May agreed with Copelouzos to team up on green 
energy projects and the upgrade of power plants in Greece and 
other countries.  
    The work will involve a total investment of 3 billion euros 
($3.49 billion), Copelouzos has said.  urn:newsml:reuters.com:*:nL8N1IE57S 
    "This is the first investment of a Chinese company in wind 
parks in Greece," it said in a statement on Thursday.  
    Shenhua Group acquired the 75 percent stake via its 
subsidiary Shenhua Renewable Co..  
    The two groups plan to cooperate on more wind parks in the 
future, Copelouzos said.  
    Shenhua also agreed to take part in PPC Solar Solutions, a 
joint venture between Greek utility Public Power Corp  DEHr.AT  
and Copelouzos. 
    China has been investing in Greece since 2009 when it first 
agreed to invest in Piraeus Port  OLPr.AT , the country's 
biggest harbour.  
    Its collaboration agreement with Copelouzos coincided with a 
visit to Beijing in May by Greek Prime Minister Alexis Tsipras.  
    Tsipras hopes that investments will help Greece, which 
relies on EU funding, stand on its own feet when its third 
rescue programme expires next year.  
    China's biggest shipping company, COSCO Shipping 
 600428.SS , bought a majority stake in Piraeus Port last year. 
    It plans to turn Greece into a trans=shipment hub for trade 
between Asia and Eastern Europe. 
    China State Grid  STGRD.UL  last year agreed to buy a 24 
percent stake in power grid operator ADMIE for 320 million 
euros. 
    ($1 = 0.8588 euros) 
 
 (Reporting by Renee Maltezou; editing by Jason Neely) 
 ((renee.maltezou@thomsonreuters.com; +30 210 3376439; Reuters 
Messaging: renee.maltezou.reuters.com@reuters.net)) 
 
Keywords: GREECE SHENHUA GROUP/COPELOUZOS