Avelar redirecting focus to Russia, South Africa, India, others
MOSCOW. March 18 (Interfax) - Avelar Energy Group, a subsidiary of Renova, is correcting its short- and mid- term business strategy in Southern Europe and is redirecting its focus towards other countries.
The company said in a press release that such a decision had been made by the Avelar Energy board of directors. Priority markets for development will be Russia, South Africa, India, Chile, Pakistan, Indonesia and various others.
"The decision to correct the development strategy is down to considerable interest in alternative energy in a growing number new markets and a significant downsizing of government measures to encourage 'clean' energy in the EU, because of the economic crisis," Avelar Energy Senior Managing Director and CEO of LLC Khevel (a Renova and Rusnano joint venture) Igor Akhmerov is cited as saying.
The first steps to be made as part of the new strategy is for Avelar Energy to gradually pull out of several European companies in which the group owns minority stakes, including Italian company Aion Renewables, in which Avelar Energy owns 28%.
The Avelar board supported a project to build hybrid diesel-solar power plants in Russia to supply areas with an energy system deficit, Akhmerov said.
Avelar plans at the late March BRICS summit to sign an agreement of understanding to build solar parks in South Africa with South African finance and industrial group Guma Group. The board also approved a proposal from management to participate in the third round of South African government tenders for the construction of solar parks.