Erg Renew grows in Europe. The company today signed an agreement for the acquisition from a fund managed by Impax Asset Management Group of 11 wind farms in France, with an installed capacity of 124 MW, and 6 in Germany, with an installed capacity of 82 MW, for total 206 MW. The value of the acquisition, explains a note, is approximately 297 million euros in terms of enterprise value, equal to a multiple of approximately 1,4 million euros per megawatt. The parks are already fully financed through limited recourse project financing. In 2016, the expected EBITDA will be around 30 million. The closing, the press release specifies, is expected by the end of this year and the total consideration for the equity, to be recognized on that date, is 128 million.
“This operation – explained the CEO of Erg Luca Bettonte – represents a fundamental step in the international development strategy of Erg Renew which, also considering the 40 MW under construction in Poland, will reach, by the end of the year, 629 MW of installed abroad, equal to 37% of the total 1,7 GW installed. The operation, which allows the Group to become the ninth onshore wind operator in France and the eighth in Europe - he added - took place in two countries that consider renewables essential for their energy policy and which we therefore consider fundamental for our future growth".
