ERG Renew has closed an agreement for the acquisition of a 100% equity interest in four French companies ultimately owned by Macquarie European Infrastructure Fund.
These companies directly or indirectly own six wind farms in France, with a total installed capacity of 63.4 MW, which entered into operation between 2005 and 2008. The wind farms' annual average output is estimated at around 150 GWh, corresponding to approximately 2,300 equivalent hours.
The value of the acquisition, in terms of enterprise value, is approximately €72 million (US$80.6 million). The closing transaction is scheduled to complete by the end of July 2015.
The acquisition, which allows ERG Renew to consolidate its position in the French wind market, doubling its installed capacity from 64 MW to 127 MW, also represents a further step forward in the company's geographical diversification and internationalisation strategy. Furthermore this transaction, also considering the 80 MW under construction in Poland, scheduled to come on stream during the course of the year, will enable the installed capacity outside of Italy to reach around 27% of the entire portfolio (395 MW).