(Yicai Global) Feb. 1 -- Norinco International Cooperation Co. will develop, construct and operate a 156MW wind power station in Seni, Croatia, and projects a total EUR180 million (USD222 million) investment in the project.

To this end, the company will first lay out EUR 32 million to buy 76 percent of the shares of Energija Projekt d.d., a company founded to undertake the project, well-known Chinese integrated general contractor for overseas projects Norinco International announced yesterday.

The remaining 24 percent shares of the project company will stay in the hands of its former sole shareholder Aleksandar Dzombic, a private Croatian citizen. The project has not yet broken ground, notwithstanding the Croatian government's grant of approval, per the announcement.

The project will go up along the Adriatic Sea coast of central Croatia, where 39 sets of 4-megawatt wind turbines will turn for an estimated generating capacity of 0.53 billion kilowatt-hours annually. It can operate for 23 years after its two-year construction. Its internal rate of return is projected at 11 percent, the announcement continued.

By investing in and operating this project, Norinco International will better position itself to expand its European market share, shore up its new energy sector lodgment and improve its capacity for localized operation and management.