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Spanish utility Endesa buys Italian wind developer
1 March 2005
The Italian branch of Spain's top utility, Endesa, has clinched a deal to buy 100% of Italian wind developer IDAS together with its portfolio of wind development rights for three projects in Sicily totalling 91 MW. The EUR 111 million agreement is subject to all three projects gaining building permits by September this year. The three developments -- Trapani (32 MW), Palermo (35 MW) and Vizzini (24 MW) -- are scheduled for completion between March and August 2006. IDAS' current owner is Finven, a development joint venture between investment group Babcock & Brown and Italian developer Infrastrutture. Endesa's bid for IDAS beat four others, including one from Italian oil and gas giant ERG. Last year, Endesa bought the 20 MW Florines wind plant in Sardinia from fellow Spanish company Gamesa. Endesa has agreed to buy 200 MW of wind plant developed by Gamesa in Italy over the next three years.
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