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France

France

ERG buys 770MW of French capacity

FRANCE: Italian developer ERG has spent €57 million to acquire the French wind portfolio of Dutch firm Impax New Energy Investors.

The 17.6MW Torfou Valley project is expected online by the end of this year
The 17.6MW Torfou Valley project is expected online by the end of this year

Under the deal, ERG has bought the 8.2MW Le Melier project in northern France, completed in 2016, and the 17.6MW Torfou Valley project under construction in the central Champagne Berrichonne region, expected online by the end of this year.

It has also acquired Impax development subsidiary Epuron Energies Renouvelables, its 12-strong workforce and its 750MW wind development pipeline.

The pipeline comprises three waves: a five project, 101MW first wave of projects in advanced development which could be online before 2021; a five project, 143MW second wave of sites due online in late 2022; and a third wave of early stage projects totalling roughly 500MW, which would be commissioned after 2022.

The €57 million deal includes an up-to-€5 million "earn-out mechanism" as projects develop.

"This transaction, which is part of our French growth strategy, will allow us to achieve an installed capacity of almost 300MW in the country by the end of the year," said ERG chief executive Luca Bettonte.

"We are also growing in terms of development potential, due to the acquisition of a team whose long-standing and proven experience in the sector will supplement our structures already existing in France," he added.

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