China Energy Investment Corporation, one of the world's largest power company, signed a strategic cooperation agreement with Greece's Copelouzos Group here on Thursday in the fields of renewable energy and conventional electricity.
Under the deal, the Chinese company will acquire a 75-percent participation in a significant pipeline of wind power parks constructed by Copelouzos Group in Greece, the Group's President and CEO Dimitris Copelouzos said while addressing the celebratory event for the signing of the deal.
In addition, the two groups have expressed interest in acquiring Greece's Public Power Corporation's lignite units in Megalopoli in southern Greece and Meliti in northern Greece, a step which marks the beginning of their cooperation also in the conventional power plants, according to Copelouzos.
The cooperation deal envisages investments worth at least 3 billion euros (3.5 billion U.S. dollars) in the Greek market only, Copelouzos group sources said.
Spokespersons from both sides noted that the two groups aim to expand in both the Balkans and other European countries via their cooperation.
Ling Wen, President and CEO of China Energy Investment Corporation, also expressed his confidence in future cooperation at the event. "We firmly believe that we will have more profound cooperation and have more benefits for both countries which have great history and our common future will be much better."
The event also saw the presence of several Greek ministers, who welcomed the deal by terming it as a new milestone in Sino-Greek win-win collaboration.
"It is a very important development given that Greece has a comparative advantage in renewable energy sources, as we know, an advantage that we have not exploited as much as we should have so far. Now there is a framework available to be able to move forward at fast pace," Stergios Pitsiorlas, deputy minister of economy and development, said while delivering a speech during Thursday's ceremony.
The Greek side will facilitate more Chinese investments, he added.
Chen Suhong, first secretary of China's embassy in Greece, also welcomed the cooperation between the two companies, voicing optimism that it will help both sides to become more competitive.
"It is a very big event to realize the Belt and Road Initiative... Our cooperation will certainly benefit both sides," she said, addressing the ceremony. (1 euro= 1.17 U.S. dollars)