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Element Power Adds 1.4GW of Wind Assets to its Energy Portfolio

Element Power reported that it has purchased 1.4 GW of wind assets from EcoEnergy. However, the company did not disclose the acquisition price.

President and COO of Element Power’s North America Division, Raimund Grube, said the project acquisitions augment the company’s efforts towards greenfield development and also contributes to its high quality and well positioned assets. With the strategy of acquiring highly selective projects, the company has created good building opportunities in wind and solar sectors for the years 2010 and 2011, Grube added.

President of EcoEnergy, Shawn Gaffney lauded the highly experienced and qualified team of Element Power. The team has continuously showed its ability in converting projects from development stage to yieldable operation, Gaffney commented.

In the year 2009, Element Power had acquired a portfolio of about 4 GW in both solar and wind assets across the United States. The company also owns solar and wind assets that are either operating or in development stage. These assets were acquired in Europe and South America.

The year 2009 was an important year for Element Power, said Ty Daul, CEO of Element Power North America. Besides creating clean development opportunities for the years ahead, the company also formed a management team that has extensive experience in renewable energy projects, Daul added.

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