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ERG Renew to acquire 17 wind farms for EUR297m

CTBR Staff Writer Published 16 October 2015

ERG Renew has agreed to acquire wind farms totaling 206MW of installed capacity from a fund managed by Impax Asset Management Group in a €297m deal.

The acquisition covers 11 wind farms totaling 124MW in France and six wind farms with a total capacity of 82MW in Germany.

The wind farms in France and Germany which have been commissioned between 2009 and 2014, and 2004 and 2014 respectively have an estimated average annual output of around 410GWh.

The deal also includes the acquisition of two companies, one French and one German, which provide operational and commercial technical assistance to captive and third-party wind power operators in France, Germany and Poland.

It is expected to be completed by the end of this year.

With the addition of these wind power projects, ERG Renew anticipates to have a total installed capacity of 629MW outside of Italy, corresponding to 37% of the overall 1.7GW installed.

ERG Renew CEO Luca Bettonte said: "The transaction, which allows the Group to position itself as ninth onshore wind power operator in France and eighth at European level, involves two countries where renewables are considered an essential factor of their energy policy and which we therefore view as fundamental for our future growth.

"Lastly, the acquisition of two companies specialised in operations management services will enable a gradual insourcing of activities pertaining to the management of our wind farms, thus making it possible to both achieve major synergies and expand our presence as industrial
operators in the two countries."