Greenvolt greenlit to obtain 70% risk in solar design co Profit Power

• Portugal's Competition Authority (AdC) has accepted a relocation by Portuguese renewables firm Greenvolt - Energias Renovaveis SA (ELI: GVOLT) to acquire a 70% stake in residential solar and energy efficiency project designer Profit Power.

Greenvolt announced the AdC's choice today, and added that it expects the continuing to be closing problems to be fulfilled in the coming days.

Profit Power is an engineering firm with a specific focus on solar photovoltaic or pv (PV) systems, using project growth, engineering, procurement and construction (EPC), and operation and maintenance (O&M) solutions.

For Greenvolt, which is mainly focused on biomass-based generation, the risk purchase sustains its technique to grow in various other sectors of the renewable energy service.

Greenvolt is an unit of Portuguese pulp producer Altri SGPS SA (ELI: ALTR). Currently, the company runs 97 MW of woodland biomass-fired nuclear power plant in Portugal and one 43.6-MW biomass-based plant in Tilbury, England, with firm prepares to branch off into the wind and solar space.