Proventus Renewables Plc signs Major Agreement with Greek Renewable Energy Specialists

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Memorandum of Understanding signed with renewable energy specialists OMEGA MG in Greece

Proventus Renewables Plc, a Dublin-based company involved in the renewable energy sector focused on activities in Central and Eastern Europe, is pleased to announce the signing of a Memorandum of Understanding (“MoU”) with OMEGA MG (“OMEGA”), a company involved in developing renewable energy projects in Greece.

Key Points:

• Initial plan to develop 17 projects for the production of electricity from renewable energy sources, totalling 421.2 MW installed capacity

• The MoU will expand Proventus Renewables’ presence into Greece

• MoU opens a new territory with favourable locations for optimal production of wind energy and enables connectivity to the grid to supply electricity using the proposed Helios Project network infrastructure

Under the terms of the MoU, Proventus Renewables will initially plan to develop 17 projects for the production of electricity from renewable energy sources, totalling 421.2 MW installed capacity. The 17 projects, located throughout Greece include seven projects in North Greece located on 2,428 acres, with total installed capacity of 162 MW; four projects in West Greece located on 19,244 acres, with total installed capacity of 83.2 MW; and six projects in Central Greece located on 2,788 acres, with total installed capacity of 176 MW.

Commenting on the today’s announcement, Liam McGrattan, Chairman of Proventus Renewables, said: “Our aim from the outset is to become a leading company within the international renewable energy sector, and the signing of the MoU is a further important milestone in this process. Having listed on the GXG Markets in May of this year, we have achieved a great deal in a short amount of time. We are very happy to have signed the agreement with a reputable company like OMEGA, and look forward to updating the market of our progress in due course.”

Commenting on today’s announcement, Andrew Georgopolous, Senior Partner at OMEGA, said: “The proven track record of Proventus Renewables was a driving force behind signing the MoU. With Proventus Renewables’ know-how and OMEGA’s in-depth knowledge of Greece, there is great potential in this agreement. The Helios Project brings huge opportunities to the renewable energy sector; we hope to take advantage of it.”