A bear of an investment

Over the next few years Central Europe will see EUR 2 (zł.7.2) billion worth of investments in over 30 renewable-energy projects carried out by renewable-energy producer Green Bear, the vast majority of which will be in Poland. Some 33 projects - mostly for wind energy - are to be completed in Poland by 2012. Green Bear will also carry out projects in the Czech Republic and Slovakia. It has already finalized the purchase of its first wind farm in Poland.

According to Jean-Claude Moustacakis, general director at Green Bear, Poland is a particularly attractive market for wind farm investments, as the share of wind power must increase to conform with EU renewable energy requirements. By 2020 the share of energy from renewable sources must equal 20 percent, while currently only five percent comes from sustainable sources. Wind farms account for only 0.16 percent.

Green Bear's main shareholder - with a 78-percent stake - is Orco Holding, which is also the largest stakeholder in Orco Property Group. Green Bear is registered in Luxembourg and has its headquarters in Warsaw.

Green Bear aims to become a leader in the renewable-energy market in Central European countries, and to achieve this it to plans to use Orco's experience in the region.

"We plan to repeat the same process as Orco, by starting strong in one country and moving out into the region," said Moustacakis.

Representatives of Green Bear did not exclude the idea of following in the footsteps of Orco Holding, which is currently listed on the WSE, the Euronext in Paris as well as the Prague and Budapest Stock Exchanges.

Anna Kapica-Harward