Spain's ENDESA and Greece's MYTILINEOS Create the Largest Independent Operator in the Greek Market
March 28 2007 - 12:43PM
Business Wire
ENDESA (ELE:NYSE), the largest Spanish electricity company, and the
Greek metallurgical and engineering company MYTILINEOS HOLDINGS
S.A. have announced a strategic alliance for the Greek market which
will expand into Southeastern Europe. The new company, with the
largest independent portfolio in the pipeline and under
construction and a well-balanced mix between thermal and renewals,
will become the largest independent power operator in Greece. In
the joint venture, which will have an initial capitalization of
about � 1.2 bn ENDESA will have a stake of 50,01%. MYTILINEOS will
contribute its entire thermal and renewable energy assets and
licenses. The contribution of the assets is expected to start
immediately and be completed within the next 12 months. The
financial power of the new company, the know how of ENDESA (one of
the largest private multinational companies, with presence in more
than fifteen countries of Europe, America and Africa), and the
relevant local presence and industrial dimension of the MYTILINEOS
group, will allow the new company to face this ambitious
development growth project. The scope of the new company includes
the construction and operation of thermal power stations (natural
gas and coal), renewables (wind parks, hydro and photovoltaic) as
well as electricity and CO2 emissions trading. Gradual retail
penetration is also foreseen after the opening up of EU markets in
July 2007. The asset base of the new joint venture will include: -
a CHP of 334MW starting operations in June 2007 - a 430 MW natural
gas fired power plant currently under construction, which will be
completed in June 2009. - a portfolio of more than 1000 MW of
renewable projects. - a new coal - fired power plant of 600MW -
additional opportunities for the new venture will include a 310MW
trading license, additional natural gas fired power plants license
and international coal fired power plants. Both partners have
expressed their satisfaction for the successful conclusion of
negotiations and optimism for the future of the new venture, the
biggest so far of its kind in Southeastern Europe. * This document
may contain certain forward-looking statements regarding
anticipated financial and operating results and statistics that are
subject to risks and uncertainties as well as to material risks,
changes and other factors which may be difficult to predict,
including, without limitation, those factors described in the
Documento de Registro de Acciones of Endesa filed within the
Comisi�n Nacional del Mercado de Valores and in the Form 20-F of
Endesa filed within the Securities and Exchange Commission, both
for the fiscal year ended December 31, 2004. For all of these
forward-looking statements, we claim the protection of the safe
harbour for forward-looking statements contained in the Private
Securities Litigation Reform Act of 1995.
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