Terna Energy has completed construction of a new 73.2 MW-capacity wind energy park on an islet close to Sounio, south-southeast of Athens, and plans to soon commercially launch the facility.

It was developed on the islet Agios Georgios, measuring 430 hectares and located about 12 miles from Sounio. Terna anticipates the wind farm will begin generating earning for company within the current year.

The facility has been developed to utilize the Aegean Sea’s enormous wind energy potential and supply electricity to a station in the wider Athens area via a submarine cable.

The news was announced yesterday by GEK Terna Group’s CEO Giorgos Peristeris, who, while offering a rundown of the group’s corporate activities in 2016, also informed that the company has begun construction work on Ptolemaida 5, a new power station in Greece’s north. This project, commissioned by PPC, the main power utility, is worth 1.4 billion euros.

Also this year, GEK Terna signed a 230 million-euro contract with the TAP consortium for the construction of metering stations concerning the pipeline to carry Azeri natural gas across Greece to central Europe via Albania and Italy.

GEK Terna has also completed construction of the Stavros Niarchos Foundation Cultural Centre in Athens, a project of pioneering design and special construction demands, according to Peristeris.

GEK Terna has continued to pursue its investment plan in the energy sector with new RES projects. Its projects in operation have a total capacity of 664 MW, while projects with a further capacity of 124 MW are at the construction stage. A 150-MW wind energy park developed in the US, in Texas, was recently granted a license to operate.

The CEO said losses incurred by the corporate group’s thermal power stations could be attributed to the pending new CAT mechanism.