The third biggest Spanish power company, Union Fenosa, said Wednesday it will invest 1.65 billion euros (2.20 billion dollars) over five years to develop renewable energy resources in Latin America. The investment would raise the firm's renewable energy capacity in Latin America to 1,400 megawatts from the current 900 megawatts, it said in a statement.
Wind projects will account for 55 percent of its new renewable energy capacity while hydroelectric projects will provide the rest.
"With these new projects in Latin America, Union Fenosa will prevent the emission of over one million tonnes of CO2 annualy," the statement said.
The firm said it was planning to build a wind farm in Mexico with a capacity of between 500 and 1,000 megawatts as well as projects in Colombia, Costa Rica and Panama as part of its 2007-2011 strategic plan dubbed "BIGGER".
Source: Agence France-Presse
