Catalonia company forms for renewable energy investors

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In Catalonia a new company called Firsa has been formed to invest in electricity generation from existing renewables plant -- especially wind farms. "In principle, we will not participate in project development," explains the company's Ignacio Moreno. Firsa plans to invest ESP 1.5 billion this year and predicts this figure to grow to ESP 4.5 billion by the end of 2004. Public bourse entry is also under consideration. Behind the company is a small Catalonian bank, Fibanc, with a 46% share, while two other banks, Catalana Occidente and Caja de Ahorros de Baleares, each hold 20%. The remaining 14% is divided equally between Bassols Energía and Jose María Roger Ezpeleta, a private investor previously in charge of Danish NEG Micon's activities in Spain.

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