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Energy group Erg and Spanish Acciona end their partnership
1 November 2007
Italian energy group Erg and Spain's Acciona Eolica CESA have agreed to dissolve their 50:50 Italian wind project joint venture. The partnership will be formally dissolved early next year, with two separate companies of an equal economic value resulting. The agreement follows Erg's recent acquisition of Italian wind developer EnerTAD, in which it owns a 51% stake. Erg now plans to concentrate all renewable energy activities into a single unit as it seeks to become one of the major players in the Italian wind market in coming years. Under the terms of the divorce, assets being assigned to Erg include the operational 1.6 MW Pian dei Corsi plant in Liguria, a 37.5 MW plant being constructed in Sicily, and a 110 MW plant that has been authorised in Calabria. Acciona Eolica CESA gets the joint venture's other operational wind farm, the 31.45 MW Cocullo plant in Abruzzo. Meanwhile, Erg's EnerTAD unit has taken its first significant step in its strategy for geographical diversification. Last month it acquired 55.2 MW of wind capacity in France from Luxembourg's Theta Energy. The EUR 82.2 million deal increases EnerTAD's total operating capacity to 132 MW.
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