Erg acquires 112MW in Italy

ITALY: Italian energy group Erg is acquiring IVPC Power 3, the owner of 112MW in wind farms in the southern Italian region of Campania, in a deal worth roughly €235 million.

by Heather O’Brian 27 June 2011

IVPC owns five wind farms, which have been operational since 2008.

Erg placed the enterprise value of the acquisition at about  €2.1 million per megawatt. The transaction must still be cleared by the Italian antitrust authority and is expected to close in July

Before this acquisition, Erg already had an installed wind capacity in Italy of 246MW and 64MW in France. Erg is constructing an additional 130MW in Italian wind farms and has an option to purchase an additional 20MW in France. 

In May, Erg and Russian oil giant Lukoil officially launched a new 50:50 renewable energy joint venture concentrating on Russia and East Europe.