LUKERG Renew--JV between Italian renewable energy ERG, Russian oil company LUKOIL--acquire 40-MW wind farm in Bulgaria for €52M; transaction closing to take place during H1 2012
February 2, 2012
– LUKERG Renew, the joint venture of ERG Renew and LUKOIL- Ecoenergo, has signed an agreement with Raiffeisen Energy & Environment, an entity of the Austrian Raiffeisen Bank Group, for the purchase of a 100% equity interest in a wind farm in Bulgaria, in the region of Dobrich, with an installed capacity of approximately 40 MW, operational since 2009.
The value of the acquisition, in terms of Enterprise Value, is approximately Euro 52 million.
The transaction closing, subject to approval from the competent Antitrust Authority, is scheduled to take place during the first half 2012.
This important operation, just a few months after being set up, will allow LUKERG Renew to enter the Bulgarian wind market with a share of approximately 10%. Moreover, as part of a long-term development project, the company is evaluating further growth opportunities, both organic and through acquisitions, in Romania and Bulgaria.
ERG Renew (100% ERG)is one of the leading Italian wind power generation companies. As regards Italy, there are currently 14 wind farms in operation, with a total installed capacity of around 500 MW; in France, subsidiary ERG Eolienne France S.a.s. owns 6 wind farms, with a total installed capacity of approximately 64 MW.