Dublin-headquartered energy firm Proventus Renewables Plc has signed a memorandum of understanding with Omega MG to develop 17 renewable energy projects capable of generating 421.2MW of electricity.
Proventus owns 90pc of the entire share capital of Proventus Energy Bulgaria and 80pc of Dobrotich Wind WAD, a Bulgarian company which owns the rights to construct wind turbine generators over 35 separate land plots in Bulgaria for 25 years. The Dobrotich Wind Farm Project, which has a total capacity of 200MW is situated in Bulgaria’s windy north-east, about 50km from the Black Sea. It was valued in January at an estimated €36.8m.
In May, shareholders in Proventus approved a €55m reverse takeover deal by Dublin outdoor advertising firm Captive Audience Display Solutions (CADS).
The 17 projects, located throughout Greece, include seven projects in North Greece located on 2,428 acres, with total installed capacity of 162MW; four projects in West Greece located on 19,244 acres, with total installed capacity of 83.2MW; and six projects in Central Greece located on 2,788 acres, with total installed capacity of 176MW.
“Our aim from the outset is to become a leading company within the international renewable energy sector, and the signing of the MoU is a further important milestone in this process,” Liam McGrattan, chairman of Proventus Renewables, said.
“Having listed on the GXG Markets in May of this year, we have achieved a great deal in a short amount of time. We are very happy to have signed the agreement with a reputable company like Omega, and look forward to updating the market of our progress in due course.”