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

Tracy McDonald

Tracy McDonald

GENOA, Italy , February 2, 2012 (press release) – 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.

* All content is copyrighted by Industry Intelligence, or the original respective author or source. You may not recirculate, redistrubte or publish the analysis and presentation included in the service without Industry Intelligence's prior written consent. Please review our terms of use.

Share:

About Us

We deliver market news & information relevant to your business.

We monitor all your market drivers.

We aggregate, curate, filter and map your specific needs.

We deliver the right information to the right person at the right time.

Our Contacts

1990 S Bundy Dr. Suite #380,
Los Angeles, CA 90025

+1 (310) 553 0008

About Cookies On This Site

We collect data, including through use of cookies and similar technology ("cookies") that enchance the online experience. By clicking "I agree", you agree to our cookies, agree to bound by our Terms of Use, and acknowledge our Privacy Policy. For more information on our data practices and how to exercise your privacy rights, please see our Privacy Policy.