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.