ERG Renew completes acquisition of a project to build a 42MW wind farm in Poland

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ERG Renew completes acquisition of a project to build a 42MW wind farm in Poland

ERG Renew has completed the closing with Vortex Energy group for the acquisition of a 100% equity interest in EW Orneta 2, a Polish company holding all permits for the construction of a wind farm project in the Polish region of Radziejów.

The project, with a planned capacity of 42 MW and an electricity output, when fully operational, estimated at more than 100 GWh per year, will correspond to 2,400 equivalent hours and approximately 85 kt in avoided CO2 emissions.

The construction of the wind farm will commence, as scheduled, in August 2014 with a view to entering into operation by mid-2015.

The total investment cost for implementation of the wind farm project is estimated at approximately €65 million, which already includes the sum payable for the company's enterprise value, amounting to around €7.2 million.

With the completion of this transaction ERG Renew makes a first step in a country that is considered strategic in terms of growth potential in the wind sector, while continuing to pursue its overseas growth path.

In June 2014, LUKERG Renew, a joint venture between Italy’s ERG Renew and Russia’s LUKOIL, signed a project finance loan agreement with EBRD as Lender and UniCredit as Participant, to finance the 84 MW Topolog-Dorobantu wind farm located in the Romanian region of Tulcea.

The loan, for the total amount of €57 million, will have a maturity of 14 years. The EBRD financing is structured under the Bank’s A/B loan scheme, with €38 million on the EBRD’s own account and the rest for the account of UniCredit.

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