Portuguese wind project developer and turbine tower producer Martifer is teaming up with Portugal's state owned bank, Caixa Geral de Depósitos, to invest in renewable energy projects at home and abroad. Martifer will be responsible for the development, construction, operation and maintenance of projects, while the bank, via its capital risk fund, Energias Renováveis-Caixa Capital, will own up to 49% of the projects. The fund has an equity capital of EUR 50 million ($73.4 million), half of which has already been invested, mainly in wind. The agreement with Martifer also allows for Caixa-Banco de Investimento, another offshoot of the state bank, to organise the financial structures of the projects. Martifer is also working with national power company Energías de Portugal (EDP) on projects in Venezuela, where the utility last month signed a memorandum of understanding with Petróleos da Venezuela for wind project development. EDP and the Venezuelan energy company have already signed three agreements for joint development of wind projects in the Caribbean. Martifer, which has a global wind portfolio of more than 2000 MW including major projects in Texas (Windpower Monthly, February 2008), has preferential access to turbines from Suzlon/Repower.