Italian VERBUND interest "Sorgenia" in the process of expanding

VERBUND's Italian interest "Sorgenia", in which VERBUND holds a share of 38 percent, has increased its share in power generation subsidiary "Energia Italiana" by 16 percent.

With that, "Sorgenia" holds a 78-percent share in the company, which is 50-percent owner of "Tirreno Power". "Tirreno Power" currently disposes of power plants with a capacity of 2,600 megawatt (MW). The 16-percent share parcel was acquired by banks Monte Paschi di Siena and BNL for a total price of 59.5 million Euro.

VERBUND first opened a newly constructed power plant in Italy one year ago. The gas power plant close by the central Italian city of Termoli is a system with a capacity of 800 MW and investments totalling approx. 400 million Euro, 38 percent of which were VERBUND's share.

In addition to the plant at Termoli, Sorgenia further plans to construct three more new power plants in Italy, scheduled to be completed by 2010. The locations of Aprilia, Modugno and Lodi are spread throughout Italy. Moreover, "Sorgenia", established seven years ago in cooperation with the De Benedetti Group, disposes of hydropower plants and wind farms. Together with syndicate partner "Electrabel", "Sorgenia" has already acquired three thermal plants, as well as a number of hydropower plants. Solar power plants are currently also being planned.