TXU Buys Spanish Wind Farms

Investment in two soon-to-be-completed wind farms worth $9.82 million.

Published: 11-Jan-2002

LONDON, Jan 11 - U.S. energy group TXU Energy is acquiring its first generating assets in Spain via an 11 million euro ($9.82 million) investment in two soon-to-be-completed wind farms, the company said on Friday.

"This renewable energy project is consistent with TXU's strategy of growth in Europe and solidifies our commitment to the Spanish market," Luis Blanco, the group's head of business development in Spain said in a statement.

TXU said its investment had bought a 40 percent equity stake in two wind farms at La Muela, near Zaragoza, which are being built at a cost of 106 million euros ($94.6 million).

The two farms will have combined output of 99 megawatts and electricity is expected from the first wind farm in late 2002.

Wind power has boomed in Spain in recent years to over 1,700 megawatts from only 72 megawatts in 1994 thanks to active political support from national and regional governments.

In the last few years worries about pollution from burning fossil fuels has help drive a European move towards renewable energy schemes like wind farms.

On Friday Ireland approved a 640 million euro ($571 million) plan to build a 520 megawatt offshore wind farm which will be the world's largest, and late last year Britain announced a 600 million pound (866 million), 600 megawatt wind development in Scotland.

TXU's partners in the La Muela wind projects are German comapnies BVT Energie und Umwelttechnik and Umweltkontor Renewable Energy with 30 percent and 26 percent respectively.

La Diputacion General de Aragon has one percent while German developer, Project Development Fund holds three percent.

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