German agricultural company BayWa has purchased a 90 per cent stake in Austria-based wind energy developer Ecowind for €4.96m.
It said the move was designed to expand the company's interests in the growing Eastern European and Austrian wind markets and has plans for developments in Bulgaria, Poland, Slovakia, Romania and Austria.
Ecowind currently has projects in Austria and Eastern Europe under development with a combined capacity of 400MW. Eastern Europe has around 3GW of installed onshore wind capacity and this is predicted to increase by 1GW by 2020.
Earlier this month, BayWa announced plans to invest $358m in renewable projects in Germany. In June, the company acquired a majority stake (90 per cent) in solar energy company Dulas.