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The Wojciechowo project ready for construction

In 2011 major progress regarding the final development of Greentech’s Polish wind turbine project Wojciechowo has been made, and the project is now ready for construction. The construction of the 32.2 MW project consisting of 14 Nordex 2.3 MW turbines is expected to commence in October 2011 with expected finalisation in Q4 2012.

Final negotiations and signing of all supply contracts are expected shortly. A term sheet for the project financing has been signed and the final stages of negotiations are ongoing.

The Wojciechowo project has been developed and will be constructed and operated in a 50/50 joint venture with the largest state-owned Polish energy company Polska Grupa Energetyczna (PGE), which has a strong local knowledge of the industry and the market and, inter alia, major experience in carrying out civil and electrical works in Poland. The PGE Group is an important strategic partner for Greentech, which may increase the number of project opportunities available to the Company.

Peter Høstgaard-Jensen, Chairman of the Board of Directors of Greentech, comments:

"Poland is a focus market for Greentech – a market in which we see a large potential in the longer term. This project being ready for construction is therefore an important milestone. The project will contribute to the reduction of dependence on the Italian market thereby supporting Greentech’s strategy on geographic diversification. In addition we are happy to have a strong locally present partner who contributes with major experience in the cooperation with Greentech’s experienced Polish organisation".

The Board of Directors

      For further information, please contact:
   Sigieri Diaz della Vittoria Pallavicini, CEO, tel: +45 33 36 42 02

Peter Høstgaard-Jensen, Chairman of the Board of Directors, tel: +45 40 10 88 71

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