May 7 (Renewables Now) - Italian energy company ERG SpA (BIT:ERG) closed on Monday its acquisition of French firm Les Moulins de Fruges SAS which has 52 MW of wind power assets.
Through its subsidiary ERG Eolienne France SAS, the Italian company is buying a total of six wind farms from Zurich-based Profond Finanzgesellschaft AG. According to a previous press release, the enterprise value amounts to EUR 52.2 million (USD 58.5m).
Located in the Northern region of Hauts-de-France, these plants have been commissioned between 2007 and 2009. They are operating under 15-year feed-in-tariff (FiT) contracts.
Les Moulins de Frouges’ wind portfolio generated earnings before interest tax, depreciation and amortisation (EBITDA) of EUR 6.2 million in 2018. The parks produce 99 GWh per year, enough to offset approximately 50,000 tonnes of carbon dioxide (CO2) emissions.
With the completion of this deal, ERG now has more than 3,000 MW of installed capacity in Europe, the firm noted.
(EUR 1 = USD 1.12)