(Yicai Global) Nov. 29 -- Beijing-based project contractor Norinco International Cooperation Ltd. [SHE:000065] will invest EUR32.01 million (USD38.0 million) to acquire the rights to build and operate a 156-megawatt wind power project in the Adria coastal area of central Croatia, the company said in a press briefing last Thursday.

The company has acquired a 76 percent stake in Croatian firm EnergijaProjekt through the deal.

The project's wind farm covers 44.8 square kilometers and features 49 wind turbines. It is expected to generate power for 3,400 hours annually on average, with 530 million kilowatt hours electricity generated per year.

Construction is set to last two years and the operation period is 23 years. The project's internal rate of return is 10.65 percent. The investment still requires approvals from relevant departments of both governments.

Norinco International Cooperation, a state-owned construction company, has contracted large-scale projects, involving transportation, housing, energy, communications and environmental protection and other fields in over ten countries and regions in Asia, Africa, and Europe. It is China's leading international engineering contractor.