The First ESCO Project in Cyprus Signed by Elena Baturina's RE-Pro Company

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Sep 13, 2018, 04:52 ET

LONDON, September 13, 2018 /PRNewswire/ --

RE-Pro Group, an Austrian company owned by international billionaire businesswoman and philanthropist Elena Baturina, continues the expansion of its business to generate, use and market renewable energy in Europe. Recently, the company has signed the very first ESCO-related project in Cyprus.

The ESCO (Energy Services Company) market focuses on improving energy efficiency within client premises and production facilities. All the necessary technology and know-how have been developed for four years by RE-Pro and its Cyprus-based local partner Energy & Beyond, a subsidiary of GDL Green Energy Group. The jointly developed solution provides the client with all the necessary investment, equipment and technological support including the installation and maintenance at their site. The first project has been agreed with Paradisiotis Ltd, one of the largest meat-producing companies on the island.

Elena Baturina said, "We are happy to see our first ESCO project up and running; we see a lot of potential for this division within RE-Pro, especially in the southern regions of Europe. Our expertise allows highly energy-dependent businesses to save up to 45% on energy consumption. For our clients it is not simply an alternative source of power or means to save money, but a way to a more sustainable, wise and responsible future. We already have a number of other projects in the pipeline."

RE-Pro's activities in Cyprus are in line with the government-led programme aimed at increasing diversity in power generation and improving energy efficiency. Renewable energy and energy efficiency initiatives not only relieve Cyprus's strong dependence on diesel, but also improve an individual company's carbon footprint considerably.

Elena Baturina has been developing a renewable energy business since 2014. The venture specializes in the construction and operation of solar parks, and supporting energy intensive consumers in reducing individual power requirements through energy efficiency measures and on-site generation.

Currently the company owns solar parks in the south of Italy, Greece and in Cyprus. There are currently several more acquisitions under consideration. The total investment should reach €40 million in the coming year.

Apart from RE-Pro, Elena Baturina's assets include a hospitality business (Ireland, the Czech Republic, Russia), a membrane construction enterprise (Germany), commercial and residential development projects in the US, EU and Kazakhstan. In addition, she has invested in a number of real estate investment funds focused on residential, commercial construction and development in the EU and US.

SOURCE Press office for Elena Baturina