ERG purchases 25-MWp solar farm in Spain from Renertia

• Italian energy company ERG SpA (BIT: ERG) announced on Friday that it is obtaining a 25-MWp solar energy plant in Spain from an entity that belongs to Spanish venture capital company Renertia Investment.

ERG, with subsidiary ERG Spain Holdco SLU, signed an agreement to take over the entire share funding of Instalacion Fotovoltaica Arericsol VIII SLU, a vehicle that owns the solar farm.

The deal takes into consideration an enterprise value of EUR 30.4 million (USD 32.3 m), with the projected EBITDA standing at around EUR 3 million once the plant is totally functional.

The solar farm, located in the district of Fregenal de la Sierra in Spain's Extremadura area, is going through screening as well as commissioning. The start of operation is set up for early 2023.

As soon as up and running, the Fregenal solar farm should be capable of creating just over 50 GWh annually, ERG stated.

The Italian company anticipates to shut the transaction in the very first quarter of 2023.