PGI Energy, a green and renewable energy exploration and production company, has entered into an EU market development partnership with Esperotia Investments of Cyprus, which operates investment funds and projects, through its subsidiary PGI Green E&P.

“The EU market is very sophisticated in its requirements for green and renewable energy and overall energy independence. Together with Esperotia we expect to extend our reach for all PGI projects and platforms to drive growth and value for our investors,” said Robert Gandy, CEO of PGI Green E&P, in a statement.

The objective of the joint venture includes development of energy production, creation of an energy trading operation and acquisition of resources.

“We have seen tremendous growing demand for power production and distribution throughout the EU, and we are pleased to partner with PGI Energy to offer solutions to our customers,” said Agnieszka Krol, managing director of Esperotia Investments.

With its experience in operating investment funds in multiple market spaces in the EU, EIL has gained expertise in primary, mezzanine and public financing markets, project development, and mergers and acquisitions. EIL personnel have proven track records in renewable energy development in both production and trading platforms.

PGI Energy's purpose is to acquire assets in the producing oil and gas assets, refinery and pipeline sectors of the energy industry and other synergistic assets.

Recently, PGI Energy announced its new joint venture gas development agreement with Osyka Resources by acquiring a 50 percent stake of Mustang Island Block 882. The asset is valued at $15 million. The closing of this transaction will allow the company to report modest earnings.

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