ERG closes buy of 80-MW renewables portfolio in France

A subsidiary of Italian energy company ERG SpA (BIT:ERG) has finalised the acquisition of Omniwatt, owner of an 80-MW operational renewables portfolio in France.

With this move, first announced in late May, ERG sets foot into France's solar photovoltaic (PV) market. The purchase increases the Italian firm's installed capacity to almost 500 MW.

This transaction involved the acquisition by ERG Eolienne France of 100% of the aforementioned company from FPCI Capenergie 3 for an equity value of EUR 45 million (USD 53.7m).

The portfolio consists of five wind farms with a combined capacity of 58 MW and two PV parks of a total of 22 MW. Together, they are capable of generating some 174 GWh per year, according to the initial announcement.

With an average commercial operation date (COD) of 2017, the assets have their revenues secured under an incentive tariff system with an average expiry date of 2034, ERG noted in the past.

(EUR 1.0 = USD 1.193)

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