ERG Acquires French 73.2-MW Wind, Solar Portfolio
- ERG, an Italian IPP, acquires 73.2MW portfolio of wind and solar projects in France with an enterprise value of €86 million. Contract-for-difference and PPA benefit, plus 674MW capacity in Europe, creating 20% from photovoltaic energy. Closing by Jan 2024.
ERG, an Italian independent power producer, has reached an agreement to acquire a 73.2-MW portfolio of wind and solar projects in France. The transaction carries an enterprise value of EUR 86 million and an equity value of EUR 17 million. The portfolio consists of two operational solar farms with a total capacity of 20.4 MWp, a 28.8-MWp solar project in an advanced stage of construction, and a 24-MW wind farm that is in the final phase of commissioning. All projects benefit from either a 20-year contract-for-difference or a 15-year PPA. The transaction is expected to close by January 2024. This deal further cements ERG's presence in France, its second largest market in Europe, where it has achieved a total installed capacity of 674 MW, of which 20% are from photovoltaic energy.
How Will ERG Strengthen its Presence in France?
- The transaction will enable ERG to expand its presence in France by 73.2 MW of renewable energy capacity.
- This will bring ERG’s total installed capacity in France to 674 MW, with 20% coming from photovoltaic energy.
- ERG plans to close the deal by January 2024.
- Once the transaction is complete, ERG will benefit from a 20-year contract-for-difference or a 15-year PPA for all renewable energy projects in France.
- ERG is also expected to develop new renewable energy projects in France, creating more opportunities for job creation and economic growth.
- ERG's presence in France will be further strengthened through its commitment to corporate social responsibility initiatives, such as increasing access to clean energy for low-income households and investing in green infrastructure.
