EuroTrust signs agreement with Agrowind, prepares for funding plans
EuroTrust has entered into an agreement with Agrowind ApS, a Danish windfarm developer, for the development of 400 MW of wind farm projects in Poland.
According to Robert Skjødt, CEO, EuroTrust, the agreement with Agrowind further strengthens company's position in the Polish market, where it now has 51 MW under construction and a development pipeline of 400MW.
Agrowind's projects are in various stages of development, with planning permits expected for 100 MW during summer 2009 and 50 MW during winter 2009/2010, with the remaining 250MW expected to receive required approvals thereafter.
Agrowind will be responsible for all pre-construction activities including acquiring all necessary permits and arranging grid access. EuroTrust will take ownership of the projects when they are ready for construction and thereafter will be responsible for completing the projects. EuroTrust plans that the first 100MW of capacity will start operation as soon as autumn 2010.
The agreement for EuroTrust is the first major development since the company disposed of its property development division at the end of June to focus on its wind energy business.
EuroTrust has recently completed the sale of its property development activities, and is now focusing on expansion of its 130 MW wind farm capacity in operation in Spain, Germany and Italy. With 57 MW under construction in Germany and Poland and a pipeline of 645 MW of wind farm development projects in Italy and Poland, EuroTrust is progressing towards its goal of having 1000 MW in operation by 2013.
Going forward, EuroTrust is intending to undertake an equity raising during the autumn of 2008. It requires further capital to fund both the development of its wind energy portfolio and its working capital requirements.