SOURCE: EuroTrust A/S

December 20, 2006 10:00 ET

EuroTrust Agrees to Purchase Rights for Wind Farm Projects in Spain, Poland and Italy With an Aggregate Capacity of 216 MW

KOLDING, DENMARK -- (MARKET WIRE) -- December 20, 2006 -- EuroTrust A/S (NASDAQ: EURO) today announced that it has entered into agreements to purchase the rights to four wind farm development projects in Spain, Poland and Italy with an accumulated capacity of 216 MW, capable of supplying the renewable electricity requirements of some 170,000 homes.

Two of the projects, a 41 MW wind farm project in Spain and a 51 MW wind farm project in Poland, will begin construction in the 1st quarter of 2007 and are expected to begin commercial operation before the end of 2007. The Spanish project is located northeast of Cadiz in the Andalusia Region in an agricultural area. The Polish project is situated in Eastern Pomerania, some 5km south of the Baltic Sea and 13km west of Kolobrzeg, and is located in flat coastal terrain. The two projects in Sicily, Italy are in the final stages of development and are expected to begin commercial operation in 2008 or early 2009. Both projects are on agricultural land in Southern Sicily.

The developer of all four projects is a leading German project developer, WKN Windkraft Nord AG. Firm orders have already been placed for wind turbines for the Polish site. When the four wind farm projects are all in commercial operation they are expected to represent a total investment value of approximately 280 Million Euro (approximately 370 Million USD at the present currency exchange rate EUR/USD 1,32) and generate estimated average annual revenues of 44 Million Euros (approximately 58 Million USD).

Bo Kristensen, CEO of EuroTrust, said, "As Spain is the world's second largest wind energy market, our entry into this market is a very important step for EuroTrust as Spain offers solid wind resources and an increasing demand for energy. Furthermore, we see Poland as one of the most promising of the East European markets due to attractive wind resources along the northern coast (Baltic Sea) and an established trade market for green certificates. Finally, we are very pleased to expand our activities in Italy, where we already have our first project in commercial operation."

Including the above wind farm projects, EuroTrust has developed a wind farm project pipeline as follows:

                                               Capacity      Project Cost

In operation in Germany and Italy by
 the end of 2006                                78 MW      131 Million USD

Under development by secured project rights    394 MW      613 Million USD
(152 MW are expected in operation before
 the end of 2007)

Projects under final negotiation               375 MW      511 Million USD

Total expected IPP portfolio as of today       847 MW    1,255 Million USD
The 78 MWs in operation by the end of 2006 (representing 40 turbines in 16 different wind farms in Germany and Italy) and are expected in normal wind years to produce 168 Million kWh per annum with a yearly EBITDA of approx. USD 15 Million.

We expect the above-mentioned portfolio to grow rapidly over the coming years.

About EuroTrust A/S:

EuroTrust (NASDAQ: EURO) owns European property and property development businesses and wind energy farms. More information about EuroTrust and its subsidiaries is available at

Statements in this announcement other than historical data and information constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These statements involve risks and uncertainties that could cause EuroTrust's actual results to differ materially from those stated or implied by such forward-looking statements. The potential risks and uncertainties include, among others: (a) economic and other factors that could affect the development and sales of properties such as (i) a downturn in the housing market in Denmark or Norway, (ii) delays in obtaining necessary governmental permits and approvals, and (iii) delays in the construction of housing units; (b) factors that could impact the development and sale of wind energy such as (i) the availability of wind energy turbines for the development of new wind farms, (ii) the market price of electricity, and (iii) the amount of wind in any year; (c) the potential unforeseen impact of offerings from competitors; (d) our ability to raise additional capital to finance our growth aspirations; (e) our ability to control costs and expenses; and (f) general economic political and labor conditions. More information about potential factors that could affect the company's business and financial results is included in EuroTrust's filings with the Securities and Exchange Commission, including in the company's Annual Report on Form 20-F for the year ended December 31, 2005 and quarterly reports on Form 6-K. EuroTrust undertakes no obligation to update any of the forward-looking statements after the date of this press release.

Contact Information

  • EuroTrust Contact:
    Bo Kristensen
    CEO EuroTrust
    +45 7550 2475
    Email Contact