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Spain green energy co to invest 500mln euros in UK

Spain green energy co to invest 500mln euros in UK
MADRID - Spanish renewable energy company Corporacion Energia Hidroelectrica de Navarra (EHN) said this week it plans to invest up to 500 million euros ($630.4 million) in Britain over the next five years.

EHN is seeking to take advantage of climate change targets, which require electricity suppliers to buy at least 10 percent of their power from renewable energy developers by 2010, and 15 percent by 2015.

EHN, which started operations in Britain a year ago, said in a statement it aims to install 500 megawatts of wind power capacity, build plants to supply parts for equipment, and undertake new projects in areas such as biomass and hydrogen.

The company is 50 percent owned by Spanish construction group Acciona (ANA.MC: Quote, Profile, Research) , with the remainder in the hands of the regional government of Navarre and a local savings bank

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