Under the terms of the agreement, Airtricity will own 60 per cent of the joint venture, with Entropya holding the remaining 40 per cent.
The new company will be based in Lecce in Puglia, southern Italy, and will develop wind farms at sites across Puglia, Basilicata, Calabria and Sicily. It is said to have a development pipeline in excess of 2,000MW at various stages in the authorisation process.
‘This deal with Entropya marks the start of our development in Italy, one of the most attractive renewable energy markets in Europe,’ said Paul Dowling, chief executive of Airtricity. ‘Airtricity has a strong track record in wind-farm development and we are very enthusiastic about developing and growing the portfolio of 2,000MW wind farms in Italy.’
The joint venture with Entropya follows the joint venture Airtricity signed with Swedish wind-farm developer Gothia Vind in April 2008.