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Greenergy spending €20 mln on acquisitions, developments

Greenergy, a company that operates small co-generation power plants, is spending €20 million on acquisitions and developments this year, CEO József Spilkó told MTI.

Greenergy has added 13MW so far this year to its power-generation capacity and will increase capacity by a further 20MW through acquisitions by the end of the year, Spilkó said.

Greenergy plans to invest a total of €80 million over the coming 2-3 years. The investments will be financed with a combined €23.5 million in capital raises from its owners thus far, a HUF 12 billion loan from MKB Bank signed in November and more than HUF 1 billion in cash flow. Geenergy's biggest owner, Global Environment Fund, a Washington-based private equity investment group, decided in the summer to ensure further capital to support its unit's growth plans.

Greenergy plans to increase its power plant capacity by an annual 30-50MW in the coming years.

Greenergy will start construction of a 4MW wind farm in Bulgaria in the first quarter of next year, and the management is in talks on entering the Polish, Slovak and Romanian markets.

The group projects sales revenue of HUF 12 billion – HUF 14 billion in 2009. (MTI – Econews)