LUXEMBOURG: On 3 March 2010, Enovos Luxembourg SA and Avelar Energy Ltd (based in Zurich), signed a contract to form a joint venture under the name Aveleos SA.
The objective of this new company, which is headquartered in Luxembourg, is to develop, operate and bring to the market photovoltaic plants in Italy and France with a total capacity of up to 95 MW.
Enovos Luxembourg SA is a 59 percent shareholder in the new company with an investment of EUR 36 million. Avelar is investing EUR 25 million, giving it a 41 percent stake. Aveleos SA makes use of attractive feed-in tariffs and high sun intensity in Italy and France. With this investment, Enovos Luxembourg underlines its commitment to the field of renewable energies.
'The joint venture with Avelar Energy is a strategic partnership that allows us to build on our experience in the field of photovoltaics,' says CEO of Enovos Luxembourg, Jean Lucius. 'We're also delighted that the headquarters of the new company will be in Luxembourg.' Enovos commissioned a photovoltaic park with an output of 6 MW near Trier in November last year.
Besides the majority stake in Aveleos, Enovos Luxembourg will acquire 11 photovoltaic parks with an energy output of 1 MW each from Avelar Energy. The plants, which are all located in the region of Apulia, Italy, will go into operation later this year.
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