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Greece

Greece

Strong Spanish foothold

Spanish utility Iberdrola has increased its share in Greece's dominant wind operator-developer, Rokas, to within a hair's breadth of joint control. Iberdrola first took a 21% stake in Rokas in 2004, increasing it to 24% last year. The agreement included an option to extend the share to 49.9% by 2009 -- an option it has already exercised.

Iberdrola says it paid EUR 88 million for the entire 49.9%, though the price may change dependent on how much new wind Rokas brings online before the end of 2008. Rokas is aiming to have 600 MW online by then.

Iberdrola puts the attraction of the Greek market down to a combination of "enormous potential" and "scarce installed capacity to date."

Rokas represents one of two Greek incursions by Iberdrola in its ongoing bid for international expansion. The second is through a EUR 78 million deal to buy wind stations across Greece totalling 56 MW from fellow Spanish developer Gamesa Energía, (Windpower Monthly, August 2005). The fact that other bidders competed to buy the capacity "confirms the attractive outlook of the Greek wind market," according to Gamesa.

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