Avelar Energy Group will adjust its short-term and medium-term strategy to minimize business presence in Southern Europe countries and realign towards Russia, RSA, India and other countries. The decision was taken this week by its board of directors which approved an updated 2013-2017 Business Development Concept. Russia, RAS, India, Chile, Pakistan, Indonesia and some other countries rank first for future development of Avelar Energy. Specifically, Avelar Energy and the Guma Group, are desirous of signing a cooperation agreement for solar parks’ construction in South Africa during a Durban summit of the BRICS in late March. Moreover, the Avelar Energy Board approved participation in Round 3 of a South African government tender for solar parks’ construction as suggested by the company management.

AVELAR Energy Ltd. is looking forward to subscribe capital increase by Aión Renewables SpA of up to €20 million. AVELAR Energy will use the proceeds from the capital increase to ensure the sustainability of its composition with creditor’s scheme.