GREEK infrastructure development group Copelouzos announced on November 2 that Shenhua Group has acquired a 75% stake in four wind parks. The wind parks were developed by Copelouzos, and represent the first investment by a Chinese company in the wind sector in Greece.

Copelouzos also announced that Shenhua will take a stake in PPC Solar Solutions, a joint venture between Copelouzos and Greece’s main power utility Public Power Corp.

Back in May, Shenhua and Copelouzos agreed to co-operate on green energy projects, and the upgrade of power plants in Greece and other countries. The estimated amount of the investments will total 3 billion euros.

“Our group believes in green energy and the prospects of Greece. We are confident that the co-operation with Shenhua Group will act as a catalyst for the conclusion of important investments and will promote the energy industry in Greece, with an emphasis on green energy and the environmental upgrading of energy producing units,” the head of Copelouzos Group, Dimitris Copelouzos commented at the time.

The current deal is being done via subsidiary Shenhua Renewable Co Ltd, which has purchased 75% of the shares in four wind parks developed by Copelouzos Group, currently under operation or construction. Co-operation will expand to other wind farms developed by Copelouzos Group.

Shenhua Group Corp is the largest coal producer in the world and one of the largest producers of electricity in China. Copelouzos is one of the largest investment groups in Greece, with activities in energy and infrastructure.