ECONOMY

Terna to invest $346 mln in US wind parks

Terna Energy, one of Greece?s largest providers of renewable energy, will acquire 10 US companies with licenses to build wind parks generating 178 megawatts (MW) of power in a $346 million (246-million-euro) investment, the company said on Tuesday.

Six companies with licenses to build wind parks capable of generating 138 MW in the state of Idaho will be purchased along with four firms in Oregon with a capacity of 40 MW.

?Terna has recently decided to develop activity in the US where the RES market is attractive due to the recently established state grants and incentives,? it said in a statement.

Construction of the Idaho and Oregon projects will start in the third and fourth quarter of this year respectively and will be both complete by October of 2012, the company added.

Brokerage Proton Securities said that it is positive that the company is expanding, diversifying its RES portfolio geographically as projects for Greek investments progress at ?a very slow pace.?

Terna, which is also present in Poland and Bulgaria, reported on Monday a 39 percent year-on-year drop in full-year 2010 net income to 9.5 million euros.

Its shares have jumped 17.8 percent in the last three months, outperforming a 15 percent rise for the Athens bourse?s benchmark general index. The shares were trading 1.12 percent higher in mid-session trade on Tuesday at 3.52 euros.