ERG buys 92 MW of solar farms in Spain from Grupotec

• ERG Power Generation SpA, a subsidiary of Italian power company ERG SpA (BIT: ERG), is readied to obtain 2 solar farms totalling 91.6-MW in Spain to gain access into the marketplace.

The Italian attire authorized a contract with Valencia-based entity GEI Subasta 1 SA to fully obtain 2 project business that hold the functional solar farms, ERG stated on Thursday.

GEI Subasta 1 SA is an affiliate of Spanish engineering company Grupotec Servicios Avanzados SA, according to a business windows registry in Spain.

The acquisition rate is set at EUR 96.2 million (USD 104.7 m), corresponding to the asset value. The closing of the agreement is expected in the very first quarter of 2022.

Through this plan, ERG Power Generation will certainly be getting a 50-MW solar farm in the Spanish area of Castile La Mancha and a 41.6-MW plant in Andalusia.

Grupotec secured these projects in the Spanish federal government's 2017 renewable resource auction and hooked them to the grid in late 2019, it introduced at the time