Erg placed the enterprise value of the acquisition at about €2.1 million per megawatt. The transaction must still be cleared by the Italian antitrust body and is expected to close in July.
Before this acquisition, Erg had already boasted installed wind capacity in Italy of 246MW and 64MW in France. Erg is constructing an additional 130MW in Italian wind farms and has an option to purchase an additional 20MW. In May, Erg and Russian oil giant Lukoil officially launched a new 50:50 renewable-energy joint venture concentrating on Russia and Eastern Europe.