Ventinveste and Ferrostaal to invest in wind farms in Portugal

Ventinveste, a consortium of some of Portugal’s top energy and engineering companies, and Ferrostaal GmbH, a German renewable energy project developer with investments worldwide, will build four wind farms in the country, in a €220 million investment that will strengthen the country’s renewable energy cluster.

Project Ancora, as the venture is known, will comprise a combined 171,6 MW that will have a starting tariff of €68/MWh, a challenge to the promoters, as these are among the lowest wind tariffs in the country. The average wind tariff in Portugal is €93/MWh, according to ERSE, the country’s energy markets regulator.

The farms will entail a total 84 wind energy turbines, which will be produced in Oliveira de Frades and in Vagos, in Northern Portugal. Construction will begin immediately after the financial closing of the agreement, which is expected to take place in the 4th quarter of the year and the connection to the grid is planned to occur in a sequence spanning from mid-2015 to the middle of 2016.

Ventinveste, whose members include Galp Energia, Martifer, Efacec and Senvion (formerly Repower), and Ferrostaal who are advised by renewable energy asset management experts Ferrostaal Capital, will each hold a 50% share in the project.