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Published on August 1st, 2014 | by Joshua S Hill

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Ventinveste And Ferrostaal To Invest $296 Million Into Portugal Wind

August 1st, 2014 by  

Ventinveste, a consortium combining some of Portugal’s top energy and engineering companies, will be pairing with project developer Ferrostaal to build four wind farms in Portugal in a $296 million investment that analysts believe will do a lot to strengthen the country’s renewable energy market.

The investment,  €220 million worth, will build Project Ancora, a combined 171.6 MW project spread across four farms consisting of 84 turbines, which is expected to be completed and connected to the grid across a period of a year starting mid-2015.

Construction is expected to commence immediately upon the financial closure of the agreement, with each of the parties holding a 50% share in the project.

Portugal is not the renewable energy minnow you may expect at first glance, having long been a part of the renewable energy boom that started and flourished in Europe.

According to the Earth Policy Institute from earlier this year, Portugal wind farms produced nearly a quarter of the country’s electricity in 2013. A year earlier saw Portugal leading and in the top three of top wind power countries per GDP and per capita respectively.

The investment from Ventinveste and Ferrostaal will no doubt shore up the wind industry in Portugal, while similarly continuing to keep Europe somewhat near the renewable energy spotlight.

 
 
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  • JamesWimberley

    Ferrostaal is a German company. Its investment in Portugal may be connected to the fall in profitability of wind projects in Germany with the slowdown in the Energiewende decided by Merkel’s government to appease coal. Possibly also to the anticipated opening in 2015 of more transmission capacity across the Pyrenees (link link), integrating the European power market a little more.

    • JamesWimberley

      The investors include a professional hands-on industrial project developer, not just financial interests who have to turn round and find one.

  • Jan Veselý

    Today is 1st August and agreement was signed. In about 10 months there will be fully operational 170+ MW of wind turbines. That is incredible. Cheers from the country where was just quit a tender for a new nuclear plant, after 5 years and 40 milion $ wasted.

    • Patrick Linsley

      Yeesh how awful. Do you have a link for that Jan? I’m curious about what happened.

      • Jan Veselý

        http://en.wikipedia.org/wiki/Temel%C3%ADn_Nuclear_Power_Station
        In short: We had in last 5 years one screwed “Energiewende” (big bills next 20 years) and 5 year long struggle among French (lost quickly), Russians and Americans full of bribery, news spinning, political pressure, etc. Meanwile the electricity price collapsed and ČEZ (80% of the market, 70% belongs to the government) wanted some “Hinkley point” conditions but new centre-left government refused to give it, so ČEZ quit the tender. (Errata: I was wrong it all cost 100 mil. USD)
        Now we are fed by classical stories of “lights will go dark”, “you will freeze in winter” because about half of the lignite capacity will be gone in next 15-20 years (aging plants, impossibility to demolish next towns and villages).

        • Patrick Linsley

          Thanks for that. 100 mil down the drain what a waste 🙁

          • Jan Veselý

            And those truck loads of printed paper of documentation delivered by Westinghouse/Rosatom/Areva.

    • Calamity_Jean

      Doesn’t Portugal already get 70% of it’s electricity from renewable sources? Nearly all wind and hydro, IIRC. Now they need to add a bunch of rooftop solar and they could be 100% renewable!

      • Jan Veselý

        100% renew electricity is only a half way. Next step should be 100% renew energy = 100% renew electricity. That means EVs and electric heating (heat pumps for heating and cooling).

        • Calamity_Jean

          And electrified trains.

          At least they are making progress. And it would be nice to have more than one nation with 100% electricity to point to. Once they have all-renewable electric, EVs and heat pumps will follow.

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