Portugal plans EUR 8.1 bn investment in renewable energy by 2012

Mar 28, 2007 02:00 AM

Portugal plans investments of EUR 8.1 bn ($ 10.8 bn) in renewable energy projects over the next five years, according to government officials.
Antonio Castro Guerra, assistant secretary of state for Industry and Innovation, said the projects will create around 10,000 jobs, and the wind power infrastructure, the largest single project among them, would cost EUR 1.7 bn.

Portuguese Prime Minister Jose Socrates promised earlier that the country was going to produce 45 % of its energy from renewable sources, up from 36 % in 2005, which will make it one of the largest users of renewable energy among the European Union's 27 member states, matching levels of Austria and Sweden.
Portugal also expects biofuel to account for 10 % of the nation's fuel use by 2010, ten years ahead of the EU target date.

Owing to its heavy dependence on imported energy, the European nation is boosting its wind, wave and solar power investment under Socrates, who came to power in 2005.
Portugal is also exploringhydropower projects.

Source: Power Engineering Magazine
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