May 12, 2017 / 1:47 PM / 3 years ago

Greece's Copelouzos teams up with China's Shenhua in green energy

A logo of the Shenhua Group is seen atop of Shenhua Tower in Beijing March 21, 2013. REUTERS/Iris Zhao

ATHENS (Reuters) - Greek infrastructure development group Copelouzos has signed a deal with China’s Shenhua Group [SHGRP.UL] to cooperate in green energy projects and the upgrade of power plants in Greece and other countries, the company said on Friday.

The announcement coincides with Greek Prime Minister Alexis Tsipras’s visit to Beijing to attend a summit of leaders from 28 countries, part of China’s ambitions to generate economic prosperity by building a new Silk Road.

The deal will involve total investment of 3 billion euros ($3.28 billion), Copelouzos said in a statement, without providing further details.

China has been investing heavily in Greece in recent years. Its biggest shipping company, COSCO Shipping (600428.SS), bought a majority stake in Piraeus Port Authority (OLPr.AT) last year under its plan to turn Greece into a transhipment hub for rapidly growing trade between Asia and Eastern Europe.

China State Grid [STGRD.UL] also agreed last year to buy a 24 percent stake in power grid operator ADMIE for 320 million euros.

State Grid has been eager to invest in renewable energy in Greece and the power connections for its many islands, a Greek government official said on Friday.

Through its stake in ADMIE, State Grid has been looking into ways to help with the 1.5 billion-euro EuroAsia Interconnector project which aims to link up via subsea cables the power transmission systems of Israel, Cyprus and Greece via the island of Crete, the official added.

Reporting by Angeliki Koutantou and Renee Maltezou

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