Global asset management firm Babcock & Brown (B&B) has entered the Greek wind market with the purchase of two projects totalling 42 MW from Germany's Penta Holding AG. The projects, located at Garbis (18 MW) and Zefyros (24 MW) in the Peloponnese, were developed by local company RE Services EPE, which will undertake the construction, operation and maintenance on behalf of B&B. Vestas will supply eight of its 3 MW turbines, with commissioning slated for May 2008, while project financing was secured through Dexia Credit Local and Millennium Investment Banking. Although the Greek market was "a difficult nut to crack," says B&B's Anthony Kennaway, the experience gained will help going forward and will provide a "bridgehead into Greece" for the company.
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