New player in the international photovoltaic market.

Zurich, [WorldofPhotovoltaics.com]

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Zurich-based Avelar Energy Group has signed an agreement with Enovos Luxembourg S.A. to create a new player in the international photovoltaic market. The new company Aveleos S.A. will develop and operate significant photovoltaic capacity in Southern Europe and aims at becoming a leading independent producer on the international solar market.

On March 3, 2010, Avelar Energy Ltd. and Enovos Luxembourg S.A. entered into a joint venture agreement for the joint development of the photovoltaic business in four jurisdictions with a special focus on France and Italy. The joint venture Aveleos S.A., to be incorporated after the obtainment of any antitrust clearances, will be headquartered in Luxembourg. The photovoltaic parks Aveleos is planning to construct and run will initially have a total capacity of 95 MW. In a first step, Avelar will transfer to the joint venture 16 MW of solar parks currently under development in Italy and another 11 MW would be transferred to Enovos.

Avelar Energy will also bring its profound experience on the Southern European solar market to the joint venture by acting as project manager. The initial commitment of the parties amounts to 61 millions EUR, to be provided by both Enovos and Avelar in a proportion of about 59 % and 41 %, representing the respective interest in the joint venture. Further funds will be generated by operating and reselling existing projects.

Igor Akhmerov, CEO of Avelar Energy, states: “We are very pleased that we managed to bring together the great expertise as well as the ambitious goals of Enovos and Avelar. We are confident that we can quickly establish Aveleos as an important producer on the Southern European photovoltaic market.”

Source: Avelar Energy Group

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