MEW to build hydro power plant in Silesia

2010-09-10

Male Elektrownie Wodne (MEW) is planning to build a hydro power plant in Slaskie voivodship. The investment will be financed with proceeds from an issue of new shares.
The project provides for the construction of a 0.5 MW power plant. MEW has just signed an agreement with a company which owns the land on which the power plant is to be built. Under the agreement, MEW will come to own 75% of the company in exchange for shares issued as part of a share capital increase. The companies have already secured all the permits necessary to begin construction works. The investment, with an estimated cost of PLN 4.9m (€1.2m), is to be completed in Q2 2011.
MEW's plans provide that by the end of 2013 the company will invest over PLN 130m (€33.1m) in renewable energy sources. The firm aims in the future to launch hydro power plants with combined wattage of 6 MW.

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