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CEZ May Continue Investing Into Foreign Renewables After 2016

Oct. 31 (Bloomberg) -- CEZ AS, the Czech Republic’s largest power producer, relaxed its 2016 deadline for installing as many as 3,000 megawatts of renewable energy sources.

The company has adopted “stricter criteria” for choosing investments into wind, solar and hydroelectric projects in Romania, Poland and Germany and extended the deadline because of changing regulations in the industry, Martin Pacovsky, the head of CEZ’s foreign investments, said today in an interview after a press conference in Prague.

CEZ still aims for a capacity of 3,000 megawatts, mostly in windpower, Pacovsky said. The company is in advanced negotiations to acquire more projects in Romania, where it’s building a 600-megawatt wind farm, Europe’s largest.

“Romania is probably the most promising volume-wise, but Poland is a bit more of a stable market,” Pacovsky said. “Germany is of course the most stable, but the returns aren’t so interesting. Still, we see interesting opportunities there.”

CEZ previously said it will stop developing renewable energy sources by 2016 to focus fully on the financing of two new blocks at its Temelin nuclear power station. The Temelin project had been estimated to cost at least $10 billion.

To contact the reporter on this story: Ladka Bauerova in Prague at lbauerova@bloomberg.net

To contact the editor responsible for this story: Will Kennedy at wkennedy3@bloomberg.net

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