October 12 (Renewables Now) - Italian energy company ERG SpA (BIT:ERG) said on Wednesday it has agreed to buy a 75% stake in two wind farms in France and potentially co-develop up to 300MW of new projects in France.
ERG, through its subsidiary ERG Eolienne France SAS, has signed a deal with French company Vent d'Est SAS to acquire the majority interest in Parc Eolienne de la Voie Sacree SAS and Parc Eolienne d'Epense SAS for EUR 12.9 million (USD 15.3m). The remaining 25% is held by Renvico France SAS.
The12-MW Voie Sacree wind farm and the 4.25-MW Epense facility became operational in 2007 and 2005, respectively.
The acquisition, awaiting a waiver by the minority shareholder of pre-emption rights, is seen to be completed by end-2017. When the deal closes, ERG will lift its installed capacity in France to 270 MW, the company said.
Separately, ERG and Vent d'Est have agreed to strike a co-development deal for an early-stage pipeline of projects totalling around 300 MW in France.
(EUR 1.0 = USD 1.187)