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Minoan gets solar energy licences and eyes deals

AIM-LISTED resort developer Minoan has acquired two further solar energy licences from the Greek government as it tries to diversify away from its beleaguered Cavo Sidero complex.

The company plans to develop a green power subsidiary. The licences will add 2.1 megawatts of capacity to two smaller licenses obtained last November, with construction expected to begin in the second quarter.

Minoan hopes the venture, which will cost around €7.6m (£6.6m) to set up, will generate income for shareholders after its planned Cavo Sidero site in northeast Crete was halted by a legal challenge in early 2009.

The board also wants to make up to three acquisitions this year, driven by managing director Duncan Wilson.