Italy’s ERG SpA to buy Italian, German wind power assets of GDF Suez for $1.12 bn

Italian energy group ERG SpA yesterday said that it is buying a majority 80 per cent stake in the Italian and German wind power assets of French energy giant GDF Suez, for €859 million ($1.12 billion), through its subisidiary ERG Renew.

GDF Suez, through its subsidiary IP Maestrale, is a leading operator of wind power turbines in Italy with an installed capacity of 636 MW, of which 550 MW is in Italy and 86 MW in Germany.

The acquisition will make Genoa-based ERG Renew Italy's largest wind energy producer and allow it to enter the German market.

The Italian wind farms are located in Sicily (161 MW), Sardinia (111 MW), Campania (95 MW), Puglia (91 MW), Basilicata (55 MW), Molise (37 MW), while five parks in Germany are located in the central-north of the country.

ERG said that these assets have a high quality wind power generating capacity of almost 2,000 hours a year.

ERG CEO Bettonte Luca said, "The acquired assets are of high quality, with a significant level of complementarity with those of ERG Renew it is possible to achieve significant operating synergies and management, essential for operating in a field progressively matures. ERG Renew can now rely on an industrial scale and that the financial allow yourself to continue on its path of growth turned, mainly abroad.''