ERG to get 80-MW renewables portfolio in France

• A subsidiary of Italian power firm ERG SpA (BIT: ERG) has actually accepted obtain a firm that holds a functional renewables portfolio of 80 MW in France.

The transaction, with an equity value of EUR 45 million (USD 54.8 m), notes ERG's access right into the French solar market, the purchaser said on Friday.

Particularly, ERG Eolienne France purchased a 100% equity stake in Omniwatt from FPCI Capenergie 3, a fund managed by the Paris-based personal equity financier Omnes Capital.

The portfolio contains five wind farms, with an integrated capacity of 58 MW and two photovoltaic (PV) parks, of a total amount of 22 MW. All the assets, with an ordinary commercial operation day (COD) of 2017, have their profits secured under a reward toll system with an average expiration date at 2034.

Together, the wind and solar farms in the portfolio are capable of generating some 174 GWh per year, sufficient to counter 95 kilotonnes of carbon dioxide (CO2) annually.

The deal is set up to be closed by completion of July 2021, subject to obtaining the green light from the French Ministry for the Economy and Finance.