GDF Suez to Invest More Than EU100 Million in Romania in 2012

GDF Suez SA (GSZ) will invest more than 100 million euros ($134 million) in Romania this year in wind and gas projects, exceeding its annual investment average, said Eric Stab, GDF Suez’s country manager in Romania.

The operator of Europe’s biggest natural-gas network will invest about 75 million euros in a 48-megawatt windfarm in eastern Romania, to be completed in November, and the remainder in its gas business, Stab said in a Bucharest interview yesterday. GDF Suez has invested between 60 million euros and 100 million euros on average in past years in Romania and about 75 million euros in 2011.

Romania investment incentives in renewable energy have lured companies, including CEZ AS (CEZ) and Iberdrola SA (IBE), with plans to build the continent’s largest land-based windparks in the southern Black Sea region of Dobrogea, where the average wind speed is about 25.2 kilometers per hour (15.7 miles per hour).

“We’re going to invest more because of our windfarm project and it’s going to be a bit over 100 million euros,” Stab said. “We have some other projects in the pipeline, mostly in the renewable sector, in wind as well, but not only” that industry.

To contact the reporter on this story: Irina Savu in Bucharest at isavu@bloomberg.net.

To contact the editor responsible for this story: James M. Gomez at jagomez@bloomberg.net

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