LONDON, June 27, 2014 /PRNewswire/ --

Inteco Beteiligungs GmbH, an Austrian company owned by Russian businesswoman Yelena Baturina, has signed an agreement with the German company RE-Pro (RE-Pro Renewable Energy Provider KGaA) for the development of a project aimed to generate, use and market renewable energy in Europe.

The overall investment by Yelena Baturina's structures amounts to €10 million, and according to the plans announced, in the course of the implementation of the project the amount may be doubled.

Commenting on her decision to invest in this sphere the Russian businesswoman, who has transferred her business interests into Europe and the US, said: "Developing projects on generation and use of renewable energy is promising not only in terms of economic viability, but as an answer to multiple environmental issues. So now we are evaluating various proposals in order to expand capacities, for example through acquisition of new sites. Our plans are to reach the total capacity of 135 MW."

Heinrich Blank, Director of Development at Inteco Beteiligungs GmbH who is in charge of the implementation of the project, said: "It is hard to underestimate the importance of developing renewable energy sources in the present economic and environmental situation. We employ the most innovative technologies that allow receiving maximum energy with minimal interference, and I am pleased to say that our new endeavor has great development prospects."

The first major activity of the new joint venture is the construction and commercial operation of solar panels parks (PV-Parks or Solar Parks) in the South and South-Eastern Europe. The project's latest acquisition is a solar park in Italy that has already been fully equipped and put into operation.

A PV-Park can be created solely for a specific enterprise to supply it with the necessary power. Apart from the obvious positive impact on the environment, the advantages are power self-sufficiency and independence from the energy situation in the region or fluctuations in electricity prices. Moreover, where a solar park produces more energy than it is necessary for the parent company, the surplus can be sold on.

Yelena Baturina has an interest in innovation and futuristic solutions. For over two years her philanthropic foundation BE OPEN has been working to promote a creative approach to various aspects of human activity. Its mission is to support people and ideas that can create innovative and non-conventional solutions for the future.

Given the global trend for eco-friendly materials and renewable energy sources, supported by financial incentives in the majority of EU states, the project promises to be very successful not only in terms of ecology and preserving natural resources, but also in terms of profitability.

SOURCE UK Press Office for Yelena Baturina