Vestas sells two projects to Lukoil-ERG joint venture

ROMANIA/BULGARIA: Lukerg Renew, the joint venture of Russian oil giant Lukoil and Italian developer ERG Renew, made its latest in a series of eastern European acquisitions today by buying two projects from Vestas for EUR 127 million.

Vestas' V90 2MW turbines are used on both projects
Vestas' V90 2MW turbines are used on both projects

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The projects are the 70MW Romanian Gebeleisis project, which has been operational since February and comprises 35 V90-2.0 MW turbines, and the 14MW Hrabrovo wind farm in Bulgaria, which has been operational since March 2012 and comprises seven V90-2.0 MW turbines.

Vestas said it had decided to sell the two wind farms as project development and ownership was not part of its regular business model.

Lukerg Renew paid Vestas EUR 109.2 million for Gebeleisis and EUR 17.6 million for Hrabrovo.

These deals are not the first between the two companies. Back in April, Lukerg Renew signed an order for 36 V90-2.0 MW turbines from Vestas for another Romanian project.

Today's acquisitions from Vestas are just the latest in a series for Lukerg Renew in Romania and Bulgaria. These have included an operational 40MW project in Bulgaria acquired in February 2012 and an 84MW project currently being developed in Romania the joint venture bought in December 2012.

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