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Italy's Erg buys 112 MW in Campania

ITALY: Italian energy group Erg is acquiring IVPC Power 3, the owner of 112MW in wind farms in the southern Italian region of Campania, in a deal worth roughly €235 million. Erg is buying five wind farms -- all of which have been operational since 2008 -- from a subsidiary of Italian wind development company IVPC.

An early IVPC wind farm in the distance at Montefalcone, Campania
An early IVPC wind farm in the distance at Montefalcone, Campania

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.

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