The Zagreb company EIG, formerly Elka, has established a trading company in the Netherlands named “Greenergy BV” through its Hungarian subsidiary EIG Kft, together with the companies Global Environment Fund (GEF) and East West Partners (EWP), which will acquire and develop environmentally friendly energy plants in Central Europe.
According to the announcement from EIG published on the Zagreb Stock Exchange, EIG will participate in a joint investment with three cogeneration plants it owns in Hungary, with a total asset value of approximately 14 million euros. GEF will contribute 19 million euros in cash to the newly established company, while EWP’s contribution will be providing management expertise (know-how), as well as a network of potential new energy plants. Expressing its intention for growth, the partners in Greenergy have already agreed to acquire an additional 10 megawatts of a large cogeneration plant, which will supply energy to several manufacturing facilities owned by General Electric in Hungary.
The statement also emphasizes that due to the increased liberalization of the Croatian energy market, EIG views “investment opportunities in new renewable energy plants in the near future and in Croatia” optimistically. GEF is a privately held American company with a capital of one billion US dollars, providing financial and management support to companies that contribute to environmental quality, efficient energy use, human health, and sustainable management of natural resources. EIG was founded more than 75 years ago under the name Elka and has been involved in the energy business since its inception.
