ERG to buy 34 MW of solar farms in Italy from ABN AMRO

• Italian energy company ERG SpA (BIT: ERG) announced today that it is getting 33.8 MW of solar energy capacity at home from Dutch lender ABN AMRO Bank NV (AMS: ABN) as part of the strategy to strengthen its placement in Italy's solar market.

ERG, through subsidiary ERG Power Generation SpA, protected a deal to take control of a 100% stake in MP Solar BV, a Dutch entity owned by the lending institution's ABN AMRO Sustainable Impact Fund PE BV. This entity holds 18 operational solar PV systems located approximately Puglia, Molise, Lazio and Sardinia.

The systems have actually been on-line because 2011, as well as gain from Italy's Conto Energia tariff routine.

The purchase thinks about an enterprise value of EUR 128 million (USD 137.3 m) as of December 31, 2021, with the 2021 EBITDA standing at EUR 16.6 million, ERG claimed.

ERG anticipates to shut the arrangement in July 2022.