China’s state-owned coal and power giant Shenhua Group is entering the Greek green-energy market, investing in several wind farms developed by a major local player.
Shenhua bought 75% of the shares of four wind parks developed by Greek investment firm Copelouzos Group. The parks are either in operation or under construction, Copelouzos said in a statement.
Shenhua, which signed the agreement through its renewable-energy resources subsidiary Shenhua Renewable Co. Ltd., is the first Chinese company to invest in wind power in Greece.
The amount of the investment wasn’t disclosed. But the two sides vowed to collaborate on a number of investments in green energy and on upgrades to power plants, at a total estimated value of 3 billion euros ($3.5 billion).
Shenhua also plans to acquire some shares in solar firm PPC Solar Solutions, co-founded by Copelouzos and Greece’s Public Power Corp.
The investment in the wind-power parks marks the Chinese company’s first solid project in Greece since it inked partnership with Copelouzos in May. The Greek company owns the country’s third-largest wind-power firm, Elica Group.
Since 2016, Chinese companies have made several acquisitions in Greece. China COSCO Shipping Corp. Ltd. purchased 67% shares in Piraeus port for 700 million euros and State Grid Corp. of China acquired a 24% stake in Greece’s power-grid operator, ADMIE, for 330 million euros.