Italy’s ERG Renew, Russia’s LUKOIL-Ecoenergo To Set up Bulgaria/Romania-focused Renewables JV

BUCHAREST (Romania), May 23 (SeeNews) – Italy's ERG Renew said it has agreed with Russia's LUKOIL-Ecoenergo to set up a 50/50 renewable energy joint venture with initial focus on Bulgaria and Romania.

"The joint venture will initially focus its operations on Bulgaria and Romania, followed by Ukraine and Russia, developing both organically and through the pursuit of acquisition opportunities, in accordance with a business plan to be agreed over the coming months and approved by the end of the year," ERG Renew said in a statement last week.

The new company, called LUKErg Renew, will be based in Vienna. The creation of the company would require anti-trust clearance, the statement added.

ERG Renew operates eight wind farms in Italy with total installed capacity of 246 megawatts (MW) and six in France with a combined capacity of 64.4 MW.

LUKOIL-Ecoenergo runs four hydro power plants with a combined capacity of 296.8 MW.

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