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)