ERG acquires 224 MW of wind projects in Germany

Wind turbine. Author: Martin Cathrae. License: CC BY-SA 2.0

June 27 (Renewables Now) - Italian energy company ERG SpA (BIT:ERG) said today it has closed the acquisition of a 224-MW wind power pipeline from German firm Windwaerts Energie GmbH.

The enterprise value of the transaction amounts to EUR 4 million (USD 4.5m), comprising an upfront payment and deferred success fees related to the development of the pipeline. The vendor is a fully-owned subsidiary of MVV Energie AG (ETR:MVV1).

Through its subsidiary ERG Power Generation SpA, the Italian company has bought a total of 13 wind projects at various stages of development, four of which are at a more advanced stage. Located in the northern states of Lower Saxony and Schleswig-Holstein, the wind farms are expected to be able to produce over 3,000 equivalent hours on average upon completion, ERG stated.

The announcement comes a few days after ERG commissioned the 21.6-MW Linda wind park in Saxony-Anhalt.

(EUR 1 = USD 1.14)

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