Power developer AES acquisition of a UK and Polish wind developer will add 700 megawatts to its European project portfolio.
The company’s wind unit, AES Wind Generation, acquired British developer Your Energy Ltd as well as a 51 percent stake in a wind portfolio from 3E, a Polish wind developer.
AES is expected to invest about $400 million over the next five years to fully develop the projects. Of that amount, the company will spend $120 million to launch construction on 200 megawatts by the end of 2011.
Over the past year, AES has come online with 213 megawatts of wind power in France, Scotland and Bulgaria.
Under the 2009 EU Renewable Energy Directive, both the U.K. and Poland must meet 15 percent of their gross energy consumption through renewables by 2020.
AES Wind Generation has approximately 1,700 MW of wind capacity in operation globally.
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