Enovos Luxembourg Forms Project-Development JV With Avelar Energy

Enovos Luxembourg SA and Zurich, Switzerland-based Avelar Energy Ltd. have signed a contract to form a joint venture under the name Aveleos SA.

The objective of this new company, which is headquartered in Luxembourg, is to develop, operate and bring to the market photovoltaic plants in Italy and France with a total capacity of up to 95 MW.

Enovos Luxembourg SA is a 59% shareholder in the new company, with an investment of EUR 36 million. Avelar is investing EUR 25 million, giving it a 41% stake.

Enovos Luxembourg also plans to acquire 11 photovoltaic parks with an energy output of 1 MW each from Avelar Energy. The plants, which are all located in the region of Apulia, Italy, will go into operation later this year.

SOURCE: Enovos Luxembourg SA

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