June 20 (Renewables Now) - The board of Italian electricity and natural gas producer Edison SpA (BIT:EDNR) has approved the acquisition of a large renewable energy portfolio in Italy from its French parent company EDF SA (EPA:EDF) for EUR 172.9 million (USD 195m).
More specifically, Edison will acquire 265 MW of wind power generating capacity and 77 MW of solar parks through the takeover of EDF EN Italia from EDF Renouvelables SA (EDFR). This purchase is expected to close within the first 10 days of July.
Following a number of other planned transactions, with a couple of capital hikes involving EDFR as participant, Edison will end up holding an economic interest of 83.3% in the wind portfolio of EDF EN Italia and 51% in its photovoltaic (PV) assets.
Edison noted that the transaction will make it the second largest wind farm operator in the country, with 975 MW of consolidated capacity. It supports the company’s efforts to achieve a 40% renewable power share by 2030.
The acquired assets will generate about EUR 70 million of additional earnings before interest, tax, depreciation and amortisation (EBITDA) a year against an increase in the net financial position (NFP) of some EUR 431 million.
(EUR 1.0 = USD 1.129)