Enovos Luxembourg S.A. is a 59% shareholder in the new company with an investment of

EUR 36 million. Avelar is investing EUR 25 million, giving it a 41% stake. Aveleos S.A. makes use of attractive feed-in tariffs and high sun intensity in Italy and France. With this investment, Enovos Luxembourg S.A. underlines its commitment to the field of renewable energies. 'The joint venture with Avelar Energy is a strategic partnership that allows us to build on our experience in the field of photovoltaics,' says CEO of Enovos Luxembourg S.A., Jean Lucius. 'We're also delighted that the headquarters of the new company will be in Luxembourg.' Enovos commissioned a photovoltaic park with an output of 6 MW near Trier in November last year.

Besides the majority stake in Aveleos, Enovos Luxembourg S.A. will acquire 11 photovoltaic parks with an energy output of 1 MW each from Avelar Energy. The plants, which are all located in the region of Apulia, Italy, will go into operation later this year.